Why Is the Ethereum-Rival Cardano On A Tear This Week? – Cardano – United States Dollar ($ADA)

Cardano (CRYPTO: ADA) has shot up 16% over a seven-day trailing basis leading up to the early hours of Tuesday.

What’s Moving? The Charles Hoskinson-created cryptocurrency traded nearly 1.8% lower at $1.45 over 24 hours at press time.

Against larger cryptocurrencies, Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), ADA rose 2.5% and 2.7%, respectively, over 24 hours.

Over 30 days, ADA has fallen 3.7%, while over the last 90 days, it has declined 30.9%.

Since 2021 began, the Ethereum-rival has gained 742.5%. ADA touched an all-time high of $3.10 in September.

See Also: How To Buy Cardano (ADA)

Why Is It Moving? Cardano traded lower at press time in tandem with other major coins as the global cryptocurrency market cap decreased 4.2% to nearly $2.3 trillion.

ADA was the fourth most-discussed coin on Twitter. At press time, it attracted 2,611 tweets, as per Cointrendz data.

The three most discussed coins were Bitcoin, Solana, and Ethereum. They attracted 9,640, 7,509, and 4,323 tweets, respectively.

On Monday, Amsterdam-based cryptocurrency trader Michaël van de Poppe said Cardano is close to “bottomed out.”

In a YouTube video, ADA creator Hoskinson said that his goal for the second half of 2022 is is “to figure out how to put all the pieces together to get an end-to-end microfinance transaction on Cardano.”

“A formal open-source project structure is going to be formed, kind of like Hyperledger to Linux,” Hoskinson said.

In a Twitter update on Monday, Hoskinson noted that there are more than 175 projects being built on Cardano, and more than a dozen will be launching by the end of the first quarter.

Just and example of how incredibly hard it is to ensure accurate information is available. I said today more than 175 projects are building on cardano and more than a dozen will be launching by the end of Q1. Then on reddit immediately there is a thread saying all 178 in Q1 pic.twitter.com/VTFQXN2cYX

— Charles Hoskinson (@IOHK_Charles) December 28, 2021

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