Cardano’s ADA token has surged in the past week, even as the likes of Bitcoin and Ether traded sideways, amid some promising developments on its blockchain.
ADA has risen 30% in the past seven days, according to pricing from CoinGecko, while Bitcoin, Ether, Solana and XRP have advanced less than 5%. That comes as data from Messari show Cardano’s 24-hour transaction volume at $5.31 billion, compared with Ethereum’s $5.59 billion. But Cardano’s gas fees – payments made by users to compensate for the computing energy required to process transactions – were around $75,400 compared with the latter’s $44 million over that period.
“One could quite easily argue that the NFT market has found a gas-light way to transact, and that is the Cardano blockchain,” said Hayden Hughes, chief executive officer of Alpha Impact, a social-media platform for crypto traders. “Many have argued that it’s only a matter of time before gas fees and congestion clog up the Cardano blockchain, leading to high gas fees, but despite the $5.31 billion in daily activity we have not yet seen this.”
Cardano’s ADA token has risen 30 percent in the past seven days, according to CoinGecko.