Cardano Price Up By 0.83% – Time to Buy ADA Coin?
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
- Metaverse protocol Pavia.io makes debut on the Cardano network boosting investors’ interest to buy ADA
- Cardano is the third blockchain with the most transaction volume, per data from Messari
- Low fees a huge draw for several DeFi users
The broader crypto market is in a tailspin as crypto behemoths Bitcoin and Ethereum shed significant value in the last 24 hours. At press time, Bitcoin is down 2.46% in the last 24 hours, while close rival ETH has dipped 3.49% in the past day. The general crypto market is in the red zone, but Cardano has posted a few positives and is trading in the green. This has led several investors to buy ADA as the protocol’s use case increases by the day.
Metaverse Finally Launches on Cardano Through Pavia.io
The crypto ecosystem has been on a tear in the past year, given the remarkable growths of nascent sub-sectors. One of such is the Metaverse ecosystem, which has drawn the interest of legacy-based businesses like Facebook (rebranded to Meta), Microsoft, and even smartphone manufacturer Samsung.
The Metaverse is principally hosted on the Ethereum network, but this narrative has recently changed with the launch of Pavia.io on the Cardano network. Pavia.io is a gaming application that offers 100,000 virtual parcels of land for sale. Each parcel is a non-fungible token (NFT) with unique coordinates.
Pavia.io is the first Metaverse project on the Cardano network and has since generated a lot of interest, with over 60% of its cryptographically-unique land parcels sold so far. This has seen over 8,300 unique addresses snap up the fast-rising project, with some Pavia virtual lands selling for as much as 30,000 ADA tokens on Cardano NFT marketplace CNFT.
Cardano may have a serious competitor in Ethereum but the proof-of-stake (PoS) reliance of the project puts it in good stead due to high throughput and low cost in buying NFTs on the Cardano blockchain. This serves as a strong signal to buy ADA and rise with the market.
Cardano Ranks Third In Transaction Volume
Cardano had a topsy-turvy growth in 2021, running from the top 20 projects to the top 3 in September 2021 following a price gain of $3.10. However, the Ethereum competitor has since fallen down the crypto ladder and drew close to the 8th spot, with fellow Ethereum rival Solana and BNB securing its previous spot. This is about to change, according to data from blockchain analytics firm Messari.
In a recently released report on crypto transaction volume, Cardano ranks third behind Bitcoin and Ethereum, with over $7.32 billion transacted on the smart contract platform. This has helped the Cardano network to recover lost ground as ADA is now the 5th most valuable crypto asset by market cap, moving two places above Solana.
Low Fees Are A Boon
Cost has been kept comparatively low on Cardano despite the high trading volume on its platform. So far, the network has generated only $82,210.51 in trading fees compared to Ethereum, which has already raked in $46.34 million. Low fees could see Cardano become a huge draw for several decentralised finance (DeFi) users as interest continues to grow around the crypto ecosystem.
ADA Technical Analysis – Gearing For A Major Breakout
Moving average convergence and divergence (MACD) is also positive, with the green trendline highlighting a buy signal while the relative strength index (RSI) shows ADA is underbought at 58.97. The 50% Fibonacci retracement value of $1.403 shows ADA could find support here and soar, making this an ideal time to buy ADA and profit.
Buy ADA at eToro from just $50 Now!
