Popular crypto trader Cheeky Crypto uploaded his latest analysis for Cardano (ADA) to YouTube yesterday. In the video, the trader highlighted that the Cardano network has seen a lot of traction recently. The biggest sign of Cardano’s increased traction is the 1,230 new projects that are building on the network, according to Cheeky Crypto.
Other updates from the Cardano community shared in the trader’s video include the 72K token policies that have been released on the Cardano network over the last week. Furthermore, the trader shared that there is currently an average of around 65.4 million transactions being processed on Cardano.
The trader went on to share that there are some layer-1 updates being implemented to the network through the course of this week, which will have a positive impact on validators within the Cardano ecosystem. The Hydra scaling protocol will also be coming to Cardano soon. This protocol should increase Cardano’s throughput to 1,000,000 transactions per second.
In related news, CoinMarketCap shows that ADA’s price, along with the rest of the crypto market, declined over the last 24 hours. At press time, ADA’s price is down 1.02% – taking the altcoin’s price down to $0.3867. Despite the 24-hour drop in ADA’s price, the altcoin’s weekly performance remains in the green at +1.86%.
ADA also weakened against the leading altcoin Ethereum (ETH) over the last 24 hours. Currently, ADA’s price is down 0.22% against ETH. The crypto was, however, able to strengthen against the market leader Bitcoin (BTC) by 1.04% during this time period.
Furthermore, ADA’s price was able to reach a daily high of $0.3912 but has since retraced to its current level. Meanwhile, the altcoin’s 24-hour low sits at around $0.3816 at press time.
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Source: Cryptocurrency - investing.com
