Ethereum Killers on the Rise: Why Are Cardano & Solana Rising?
The ‘Ethereum Killers’ Cardano (ADA) and Solana (SOL) have skyrocketed 38% and 68% respectively in the last 14 days. Both cryptocurrencies are attracting bullish sentiments after the CPI data showed inflation...
The ‘Ethereum Killers’ Cardano (ADA) and Solana (SOL) have skyrocketed 38% and 68% respectively in the last 14 days. Both cryptocurrencies are attracting bullish sentiments after the CPI data showed inflation falling from 7.1% to 6.5%. While Cardano jumped from $0.26 to $0.34, Solana shot up from $13 to $23 in two weeks. On the other hand, Ethereum spiked nearly 30% in 14 days going from $1,249 to $1,595.
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Several factors are pushing ADA up in the indices. The factors include blockchain network expansion, faster and lower-cost transactions to users, along with a growth in smart contracts after the Vasil Hardfork.
The Cardano network is experiencing steady growth in smart contracts reaching a high of 4,803 projects. In December 2022 alone, 780 new smart contracts were added to the network expanding its use cases. In addition, two new stablecoins USDA and Djed are set to be launched on the blockchain during Q1 of 2023.
On the other hand, Solana which was hammered in November 2022 due to the FTX crash is slowly yet steadily distancing itself from the fiasco. The Solana network is experiencing a rise in trading volume in 2023, thanks to the new meme-coin on its platform Bonk.
Also Read: When is the Best Time to Buy Bitcoin? Wall Street Analysts Explain
— Step Data Insights (@StepDataInsight) January 17, 2023SOLANA DOMINATES ACTIVE ADDRESSES
Solana continues to break free from Ethereum and Polygon, as its number of daily active addresses consolidates at 500,000 for 9 days straight pic.twitter.com/dH95oD1SjZ
Also, the founder of Solana, Anatoly Yakovenko recently announced improvements to ensure the scalability of the network. You can read more details about the network’s advancements here. The developments gave confidence to investors making SOL reach $22 from $13.
If the cryptocurrency markets maintain positive momentum this week, ADA and SOL could jump further in the indices. Investors who took an entry position at the start of the year are all sitting on decent profits this week.
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