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Cardano: Assessing the ‘Hydra’ factor in ADA’s price hike

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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: Assessing the 'Hydra' factor in ADA's price hike

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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.


Here’s AMBCrypto’s Price Prediction for Cardano for 2022-2023


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. 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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