Cardano blockchain has recorded a new milestone by being the second most active blockchain in the last 24 hours. It took the place of the Ethereum blockchain and showed the considerably important stats of Cardano blockchain in becoming a reliable choice for smart contracts.
After the always first blockchain, Bitcoin, we see smart contract-based blockchains, but the list continues with blockchains that focus on transaction processing only: Bitcoin Cash, Litecoin, Dogecoin, and Bitcoin SV. The last three blockchains are Polkadot, Dash, and XRP Ripple. The data is published by Cardano Daily from the Messari analysis.
There are always debates between the fans and users of various blockchains about being the most active one. Although everyone thinks Ethereum can be the most active blockchain because of numerous dApps and services that run on it, Bitcoin is still the most active one. Still, a major part of the industry uses Bitcoin for transactions. In the last 24 hours, the Bitcoin network recorded 21.67B transactions.
But the most interesting part is the stats of Cardano in the new rating. This blockchain has been in the industry for quite a while. In the last months, the development community focused on expanding the use-cases of the blockchain. They added smart contract support and native token support to the blockchain, which resulted in a new era for this network.
Developers can now deploy their smart contracts on this blockchain and launch various dApps. Especially, DeFi services are eager to launch on Cardano and support new native tokens. With the lower gas fees and scalability solutions, this blockchain is one of the strongest competitors for Ethereum.
Although the latest data from Messari is only for 24 hours, it indicates an important incident in the industry. Cardano is aiming to offer efficient services to both developers and end-users. It seems these two groups are accepting the offers and using the blockchain more. Taking the second place of active blockchains list from Ethereum isn’t an easy task. Besides, the distance is huge. Ethereum recorded 9.31B transactions in the last 24 hours while Cardano processed 18.24B transactions.
Another interesting piece of data in the latest chart is that Polkadot is finding its place in the list of most active blockchains. Many services are launching and running on this network, therefore increasing the number of transactions per day. Because of the numerous benefits blockchains like Polkadot offer, we can expect them to move up in the list in the coming months. Solana is the only famous blockchain that is absent in the top 10 list. But we can expect it to move up, too.
Cardano Past and Present Challenges in the Crypto Industry
- Smart contracts and network scalability has been Cardano’s challenge.
- Despite this, Cardano (ADA) is still showing an impressive performance in the market.
Cardano (ADA) has been through a mix of positive and negative downsides since its inception. Starting from the past, it has been striving to get a smart contract for smooth platform functionality. Also, apart from this, one key thing that Cardano has faced is scalability, according to a report.
However, this makes people keep doubting how Cardano claims to be an Ethereum killer and also a third-generation blockchain. This was seen from the time that the Cardano team started to fight for smart contract acquisition to make the network stand out among the odds in terms of network scalability.
Cardano has already made a significant step forward by tackling some of its challenges. This includes the implementation of the Alonzo Hard Fork Upgrade, Basho, Mamba, and other network extensions for betterment. Seemingly, all these appear not to serve as a catalyst to solve Cardano’s underlying tragedy.
Mention to the community what are technical challenges openly but not in a sense of FUDing but rather that some solution needs to be found. This could also be a good thing because some community members in the spirit of the decentralized brain could start looking for solutions (research) or even start implementing them (development).
Nevertheless, regardless of all these, Cardano is still showing an absolute performance in the market. It keeps climbing ranks while rocking new all-time highs. At writing time, ADA price trades at $1.56 with a market capitalization of over $50 billion on Coingecko. This makes it ranks as the 6th largest cryptocurrency in terms of market cap.
Cardano (ADA) Down 50% from Peak: Possible Reasons
Largest proof-of-stake network sees its token in multi-week painful decline.
ADA, a core native asset of the newest smart contracts platform Cardano, touched $1.5 in its multi-month freefall. Here’s what makes it plummet before gaining 200% in five weeks.
ADA loses 50% since early September
On Sept. 2, 2021, the ADA price reached its all-time high at $3.10 on the eve of the activation of its smart contract functionality. This major upgrade went live as a result of Alonzo hard-fork mainnet activation in mid-September.
At the same time, its activation failed to catalyze another wave of ADA price rally: the asset entered a multi-week “bear market.” On Nov. 26, 2021, it reached the lowest level since Aug. 9.
The most obvious mid-term catalyst is the criticism of Cardano’s smart contracts performance. As covered by U.Today previously, the viability, speed and functionality of this system were attacked by both Ethereum (ETH) and Bitcoin (BTC) maximalists.
In terms of short-term bearish catalysts, the most obvious one is the delisting of Cardano’s ADA by eToro, a mainstream derivatives trading platform. eToro restricted its U.S. customers from opening positions in ADA and Tron’s Tronics (TRX) from Dec. 26, 2021.
Will ADA see another rally in 2022?
Cardano’s inventor, Charles Hoskinson, has already slammed eToro’s decision and attributed it to the lack of a global regulatory standard in the sphere of crypto and blockchain.
As U.Today reported earlier, Mr. Hoskinson is certain that 2022 will be a splendid year for his ecosystem. Speaking about its roadmap for the coming year, he called it a “living ecosystem.”
He calls Cardano’s technology unbelievable and claim
Red Alert In Crypto Space, Cardano Price Trembling Yet Remains Bullish
Crypto space witnessed a replica of a May crash but with lesser intensity. Bitcoin price is hovering between $53,800 and $54,400. However, some assets stood strong above their support levels like Ethereum & Cardano.
Despite the bearish trend prevailing in the short-term, yet the ADA price still remains bullish in the higher time frame.
Cardano price maintained a substantial downtrend ever since the beginning of the present trading day. In the daily chart, the asset has formed a double-bottom and was expected to surge high slicing through the neckline.
But the asset was rejected at the neckline in the last few hours of the last trading day. ADA price dumped nearly 15% ever since then, however, it’s also attempting to rebound.
3rd Cardano sell-off is going on since the early hours of the Asian trade. The dump dragged the price much below the 200-day MA and extended the gap between the strong resistance levels around $2.5.
A major reason for the sell-off is speculated to be the pandemic FUD circulating in space. However, the retracement is expected to be well in place as more than 70% of ADA is staked and keeping only 30% in circulation is pretty bullish for the asset.
Exactly a year ago, the Cardano price was around $0.03 and the asset was surrounded by immense FUD. However, the ADA price didn’t stop then and may not stop now also.
Collectively the asset maintains a substantial rally ever since it faced an extreme sell-off in September. Yet the strong support levels still reside around $1 and the asset is still bullish until the asset sustains above these levels.