Don't FOMO! Cardano's Price (ADA) Has Skyrocketed Again, This Is The Reason

ADA cryptocurrency's price has skyrocketed again. (Fintech)

JAKARTA – Crypto Cardano (ADA) is back into the top five cryptocurrencies based on market capitalization. According to Coingecko data, ADA prices have increased 10.8 percent in the last 24 hours.

Meanwhile, data from Messari reveals that ADA's transaction volume in 24 hours has surpassed Ethereum. ADA's transaction volume amounted to 7.02 billion US dollars, while ETH was 5.41 billion US dollars.

U.Today reports that the two cryptocurrencies are competing in terms of transaction volume. Within 24 hours Cardano users only paid US$66,058 gas fee from the transaction volume in the last 24 hours. This compares well with Ethereum's transaction fees of 44.74 million ETH.

A number of prominent decentralized applications (DApps) are reported to be running on the Cardano blockchain which uses Proof of Stake (PoS) consensus. These DApps include stablecoin hub Ardana, decentralized exchange Maladex, decentralized banking protocol MELD), and CNFT.IO.

In addition, U.Today also reported that Cardano-backed decentralized exchange SudaeSwap recently announced that it plans to launch its mainnet on Thursday this week.

John Woods, Cardano's director of architecture at Input Output, explains the many scalability solutions that are expected to be implemented by 2022 (the upgrades to Plutus, Hydra, sidechains, and Mithril scripts). He also said there were "a large number" of projects nearing completion.

“You may have a few extra minutes to complete your transaction depending on how busy it is at any given time. However, we have very solid plans for scalability,” said Woods.

For information, scalability is the ability of the system to evolve in order to meet the ever-increasing demand. When we talk about scalability in blockchain, we mean developing the capacity to handle more transactions as reported by Binance Academy.

Last week, Cardano (ADA) also won a poll posted by Ethereum founder Vitalik Buterin, in which he asked which Ether alternative could become the dominant cryptocurrency in the world by 2035.

With the recent increase in the price of the ADA crypto, the cryptocurrency that uses the proof of stake algorithm has re-entered the top 5 largest cryptocurrencies in the world after undergoing a correction some time ago.

In the past week Cardano has increased by 29.7 percent. Will ADA return to its best form and break through the new ATH? Follow developments on VOI.