Data published by CoinGecko, an analytical firm for Cryptocurrencies, highlighted that there was a 40% surge in the market valuation of Cardano. This is a commendable rise as compared to how other Cryptocurrencies have performed in the last seven days.
Majors like Bitcoin, Solana, Ethereum, and XRP grew, but the percentage remained in a single digit of less than 5%.
The surge, higher or lower, came amid the promising developments in the blockchain ecosystem.
A Higher Surge In Cardano
A surge of 40% in the market valuation of ADA is a central point of discussion in the Crypto community. This is because its transaction volumes recorded in the past 24 hours are lower as compared to its nemesis, Ethereum.
According to Messari, a Crypto research company, the transaction volume in the past 24 hours for Cardano was $5.31 billion while it was $5.59 billion for Ethereum.
What made all the difference was a lower gas fee charged by Cardano from its users.
Cardano registers a gas fee of $75,400 while the figure for Ethereum stands at $44 million. This is a huge gap that has made all the difference. It has given a push to Cardano to surpass not just Ethereum but also every other major Cryptocurrency in the market.
Other factors that contributed to a higher surge in the market valuation of Cardano are non-fungible tokens, metaverse, and decentralized finance.
Hayden Hughes, the Chief Executive Officer of Alpha Impact, called Cardano a new way for the NFT market to operate its functions. He added that experts earlier predicted the network to clog due to a lower gas fee; however, that was yet to be witnessed by Cardano.
A similar statement was quoted by Vijay Ayyar, the Head of Asia-Pacific at Luno Pte. He said that developments in NFTs, metaverse, and decentralized finance along with progress on scaling were contributing to a higher surge in Cardano’s valuation.
The statement was agreed upon by Antoni Trenchev, a Managing Partner at Nexo.
Antoni Trenchev added to the agreed statement that it was likely for Cardano to steal attention through its metaverse launch from Decentraland and The Sandbox.
ADA dropped by 50% after recording a peak valuation in the earlier days of September. Many investors believe that ADA is merely running on the sentiments of its passionate community that wants to witness the success of Cardano.
Mike Novogratz, the Chief Executive Officer of Galaxy Digital, has even claimed on Twitter that out of all the 20 experts that he has talked to, no one sees Cardano having traction with devs.
Click on the linked article to know more about Cardano’s future.