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 in the last 24 hours, bringing its gains to nearly 22 percent in the last week. The token far outperformed its major crypto peers last week amid hype about an upcoming upgrade and new features in the blockchain.
But ADA’s jump on Monday appears to have been fueled by growing interest in Cardano’s NFT capabilities.
Cardano becomes the third largest NFT blockchain
Cardano’s daily NFT sales reached $1.3 million on Monday, making the blockchain the third largest NFT player after Solana and Ethereum. Much of this increase is likely due to users switching from Solana to Cardano after the recent outage. Several NFT traders had expressed frustration on Twitter about Solana’s regular outages, with some directly stating they would switch to Cardano.
Data from Cryptoslam shows that Solana’s daily NFT turnover has dropped nearly 20% in the last 24 hours to $2.4 million. SOL, the blockchain’s native token, also largely lagged the broader market, plummeting 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 nearly 5.1%. The JPG Store is the largest NFT marketplace on Cardano, accounting for over 90% of daily volume.
NFT interest and hype around Vasil fork drive 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 new features for the blockchain will be unveiled later this week.
The number of developers building on Cardano recently reached a record high, Github data shows. This has also attracted interest from large ADA whales, which has also contributed to the token’s recent strength.
Picture by Pixabay
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