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Cardano price increases by 14%, thus extending the ADA rally

 


Cardano (ADA) continued its recent rally as a surge in NFT trading on the blockchain and improving crypto sentiment led to more ADA buying.


ADA jumped 14 percent to $0.624 over the past 24 hours, taking its gains nearly 22% over the past week. The token far outperformed its main crypto peers over the past week amid hype about an upcoming upgrade and new features on the blockchain.


But ADA's jump on Monday appears to have been fueled by growing interest in Cardano's NFT capabilities.

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Cardano becomes the third largest NFT blockchain

Cardano's daily NFT sales hit $1.3 million on Monday, making the blockchain the third largest NFT player after Solana and Ethereum. A large part of this surge is likely due to users switching to Cardano following the recent outage from Solana. Several NFT traders had taken to Twitter to express their frustration with Solana's regular outages, with some outright declaring they were switching to Cardano.


Data from Cryptoslam shows that Solana's daily NFT revenue has fallen nearly 20% to $2.4 million over the past 24 hours. SOL, the blockchain's native token, has also largely lagged the broader market, falling 6% over the past week.


Land sales in the Cardano-based play-to-earn game Cornucopias currently account for the largest share of NFT sales on the blockchain at almost 5.1%. The JPG Store is the largest NFT marketplace on Cardano, accounting for over 90% of daily volume.


NFT interest and Vasil fork hype fuel ADA gains

ADA has benefited from increased NFT trading. But the token has also surged in anticipation of an upcoming major update. Cardano creator Charles Hoskinson said that new features for the blockchain will be revealed later this week.


The number of developers building on Cardano recently hit a record high, Github data shows. This has also attracted the interest of major ADA whales , which has also contributed to the token's recent strength.

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