{"id":458882,"date":"2021-03-17T11:29:08","date_gmt":"2021-03-17T11:29:08","guid":{"rendered":"https:\/\/wncen.com\/?p=458882"},"modified":"2021-03-17T11:29:08","modified_gmt":"2021-03-17T11:29:08","slug":"cardanos-ada-explodes-19-as-bitcoin-stagnates-nft-craze-booms","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/cardano\/cardanos-ada-explodes-19-as-bitcoin-stagnates-nft-craze-booms\/","title":{"rendered":"Cardano’s ADA Explodes 19% as Bitcoin Stagnates, NFT Craze Booms"},"content":{"rendered":"
Cardano’s ADA was among the best performers in the cryptocurrency market this week as traders assessed its bullish prospects against a stagnating top rival Bitcoin<\/a> and an ongoing craze for non-fungible tokens, or NFTs.<\/p>\n The blockchain asset jumped to the third rank after undergoing a 19 percent price rally. As of 1057 GMT, the ADA\/USD exchange rate was roughly $1.24. The pair opened the week at $0.95, according to data fetched by Binance.<\/p>\n ADA’s latest move uphill<\/a> pushed its year-to-date gains up by approximately 600 percent. Meanwhile, its year-on-year returns surged to a massive 4,656 percent, beating Bitcoin, Ethereum, gold, and even the global stock market in the period that saw a massive injection of fiat money by local governments and central banks all across the world.<\/p>\n …the nature of the Cardano token’s rally was more speculative in nature. Nic Carter, the co-founder of research company Coin Metrics, expressed his disbelief with the ADA’s rally, stating that Cardano has not launched a single project on its blockchain that could attest to its popularity.<\/p>\n \u201cI am truly mystified as to why it is enjoying a resurgence in popularity.,” Mr. Carter noted.<\/p><\/blockquote>\n Many analysts believe that Cardano majorly cashed on its blockchain rival Ethereum’s limitations<\/a>. Lately, the second-largest blockchain network has turned too costly for its users, including developers operating billions of dollars worth of decentralized finance projects atop its public layer. In some instances, users ended up paying a transaction fee<\/a> of $30 to send just $5.<\/p>\nBut…<\/h2>\n