Cardano: Assessing the ‘Hydra’ factor in ADA’s price hike
Cardano witnessed a massive uptick in terms of development activity over the last seven days. However, its volume and velocity continued to decline. Furthermore, despite Cardano’s growth in the NFT sector, its weighted sentiment took a hit.
Cardano, which was initially accused of delayed software updates, has now been consistently making big strides in its development activity. After the successful launch of the Vasil hardfork, Cardano’s Layer 2 solution, Hydra witnessed a new update.
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Hail Hydra
On 27 October, the team working on Hydra issued an upgrade fixing bugs and updating its UI.
Consequently, as can be seen from the image below, Cardano’s development activity grew tremendously over the past week. This hints at the fact that further updates and upgrades can be anticipated.
Besides, the number of daily active addresses on the Cardano network also spiked. It increased steadily over the last week, and at press time, it stood at 67,000.
Source: Santiment
However, its velocity declined in the last seven days. Thus, indicating that the frequency at which ADA was being moved amongst different addresses had declined.
In fact, Cardano’s volume too took a hit over the past few days. The volume went from 1.5 billion all the way to 604 million, at press time.
During the same duration, Cardano’s weighted sentiment dwindled. Evidently, the overall sentiment of the crypto community toward Cardano was negative.
Source: Santiment
Despite the negative sentiment against ADA, Cardano showed impressive results when it came to the market of NFTs.
According to Stocktwits NFT, a data platform for NFTs, Cardano outperformed Polygon in terms of trading volume in the last 24 hours. In a tweet posted on 27 October, it was stated by Stocktwits NFT that Cardano’s NFTs registered for $890 thousand in terms of NFT volume.
Well, ADA’s price too was in a recovery mode. At the time of writing, it was changing hands at $0.406 after an increase of 17.57% over the past seven days.
Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/
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