- Cardano price has increased by 47%.
- The overall market outlook is bullish.
- Cardano’s new partnerships could improve their transaction volume.
Cardano news today – Just like the bulk of digital assets in the market, the price of Cardano has increased since the turn of the new year. The coin started in 2020 at $0.033. But it is now trading at $0.054 as of when this report was published. The gains posted by Cardano are not based on usage. When you look at Cardano’s Blockchain you will find that the network’s transaction volume is poor.
Cardano is a Long Way from Receiving Mass Adoption
Cardano Latest Update – The number ten largest coin by market capitalization routinely has empty blocks. When these blocks are not empty, they contain only a few transactions. Speaking on this software developer Joshua Henslee tweeted:
“Looking at Cardano’s blockchain, we can see a lack of use on the network. At press time, 66 of the network’s last 100 blocks had no transactions. Other blocks had just one or two transactions.”
This issue has caused a situation where Cardano’s miners have added more to the number of blocks than the overall number of transactions. As of when this report was published, Cardano has had only 3,057 transactions on 4,320 blocks. This is proof that Cardano is still a long way from receiving mass adoption.
New Partnerships and Upcoming Developments on Cardano May Change Things
Although the total number of transactions on Cardano is a cause for concern, new developments happening in the network might promote greater usage for the coin. As reported earlier, Charles Hoskinson the founder of Cardano announced that ADA has entered a partnership with PwC as part of a marketing move. This collaboration aims to promote Cardano as one that is suitable for deploying commercial interests. Other developments like the upgrade to proof-of-stake and the functionality of smart contracts will help improve adoption.
It is safe to say Cardano’s price action so far is based on speculation for the future achievements of the network than its adoption and usage. The network is seeing only very little usage in terms of transactions and this isn’t what’s driving its price at the moment. While most cryptos are based on speculation, the bulk of the top ten digital currencies see some form of usage. For example, BTC is gradually becoming a store of value for billions of USD. Ethereum’s DeFi ecosystem is rapidly expanding, while Bitcoin SV’s weather application has impressed greatly.
