After being launched in 2017, Cardano blockchain network has risen exceptionally and now it’s internal cryptocurrency named as ADA has become one of the most exciting cryptocurrencies in the world. It already had an impressive start to the year after breaking the psychological barrier of $ 1 and reaching its all time high of $ 1.50.
ADA is currently trading at $ 1.20 and with the positive signs coming from market, it is just a matter of time before it reaches its all time high again. It is one of those altcoins which is rising extremely steeply and things are auguring well for Cardano’s future which is what has started to attract a lot of new investors for ADA.
The digital currency has been listed on Coinbase Exchange which resulted in the price to jump up to $ 1.47 in just a couple of days. Not only its price increased but along with that, the trading volume and the on-chain transfers also increased. Cardano broke the $ 1 billion open interest market and the open interest barrier is only going in one direction right now which is in, upward direction.
So far, only Bitcoin and Ethereum have been able to cross the mark of $ 1 billion open interest. The greater the open interest is, more money is coming into the market and vice versa and Cardano is actually fetching money from the investors.
According to Nomics transparent exchange volume, ADA had a $97.5 billion trading volume in 2021, surpassing Polkadot (DOT), Ripple (XRP), and Litecoin. Along with the growing trade volume, according to a CoinMetrics analysis, it is also reaching 85,000 daily active addresses while the network’s daily transfers and transactions average is $4.5 billion per day which is 6 times higher than its remaining competitors.
In a nutshell, Cardano gives investors a small window of opportunity to invest in it and enjoy high returns before the prices might start to fall back due to the crowding on the Ethereum network. ADA price might recede unless actual use cases that involve decentralized applications or interconnectivity bridges that work to solve the decentralized finance scaling problem.