Cardano has prolonged its latest bullish rally. The increased volume of NFT trades on its blockchain and better crypto market sentiment aided it.
ADA’s price improved by 14% within 24 hours to stay at $0.624. That brings its profits over the last week to almost 22%. The asset really gapped its closest rivals in the crypto market in the last week.
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There is news of a pending system upgrade and the introduction of new features on Cardano. The Monday increase in ADA’s price seems to be inspired by increased interest in the platform’s NFT possibilities.
Cardano is the Third-Largest NFT Blockchain
The daily NFT sales on Cardano’s blockchain hit a staggering $1.3 million on Monday. The blockchain has, thus, become the third-largest in that capacity. It now closely follows Solana and Ethereum in the NFT space.
The large chunk of the latest uptrend is possibly due to users migrating from Solana to Cardano. The migration was caused by Solana’s latest outage and network shutdown. A lot of NFT traders have been expressing frustration due to Solana’s regular outages.
A number of traders took to the microblogging platform to say they were switching to Cardano from Solana. According to reports on Cryptoslam, Solana’s NFT trading volumes have dropped by almost 20% in 24 hours. SOL has dropped by about 6% in the past week as it lagged behind in the general crypto market.
Sales resulting from land on Cornucopias, the play-to-earn game on Cardano, is presently accounting for the largest part of NFT sales on Cardano. The sales amount to almost 5.1%.
JPG Store has the largest NFT market on Cardano. It makes up more than 90% of the blockchain’s daily volumes. According to Cryptoslam, Cardano has surpassed ImmutableX in terms of daily sales.
Anticipations Aid Further Growth
ADA has accrued huge benefits from the sale of NFTs on Cardano’s blockchain. However, the asset has also gone up on the back of expectations of its coming upgrade.
Charles Hoskinson who created Cardano said the new features for the blockchain will be unveiled later in the week. Developers building different projects on Cardano equally got to record levels recently, according to GitHub records.
The latest sequence of development has drawn more interest in ADA by big crypto whales. All these have come together to contribute to the asset’s strength in recent times.