ADA has shown it remains one of the strongest cryptos currently with its resilience in the market over the past seven days. The native currency of the Cardano network is up 14% in the market, and trades at $1.10 currently, crossing the $1 mark for the first time in months.
ADA extends its weekly gains to over 30%. Based on a seven-day chart, ADA is the best performing coin in the top ten. The recent move can be attributed to strong volumes, as Santiment reports that whale selling has declined massively.
Due to the recent price rally, the data provider notes that traders should observe subsequent whale transactions. Santiment anticipates a sharp increase of $100k+ transactions could signify a reversal in price.
Cardano Witnesses a Spike in Growth of DApp Deployment and NFTs
Since its emergence, the Cardano network has become one of the most used blockchains in the ecosystem. Popularly known as one of the best Ethereum alternatives, Cardano has become a go-to blockchain for developers due to its environmental friendliness, low transaction fees, and high programmability. The blockchain layer allows the creation of complex apps.
Yesterday, IOHK executive Morgan Schofield announced on Twitter that Cardano has hit an impressive milestone with its NFT minting. According to him, the network recently minted its four millionths NFT. Schofield expects the pace to increase over the next few years.
Adding to the achievements, Cardano founder said the number of DApps on the network is in the hundreds, while the blockchain has issued over a million native assets. Charles Hoskinson is impressed with the level of progress so far, saying that the growth has surpassed his expectations.
ADA’s Market Resilience
ADA was one of the best-performing virtual currencies during the incredible bullishness of 2021. After eclipsing the $3 mark last September, the altcoin has been trading on the slope. The crash pushed the coin from the number three position in the market cap to number seven.
Before the recent breakout, the coin has been trading under $1. Hoskinson is optimistic that the bullishness will continue as upgrades are being carried out in the network. Although it is still volatile, more app deployment could push the ADA price further upwards.
ADA market cap is $36.9 billion, which keeps it in the top ten of most valuable cryptocurrencies based on market capitalization behind prominent cryptos, such as BTC, ETH, BNB, SOL, and Tether, based on this writing.
