Cardano and Waves are two of the big winners of the past week, growing amid a market that remains unstable and tinged with red.
Although the market continues to be dyed red for another week, with the main assets such as Ethereum or Bitcoin moving practically horizontally, Some altcoins have been gaining a bit of traction.
After nine straight weeks of red candles, Bitcoin began to recover slightly last week. Some investors, such as Arthur Hayes, have pointed out that Bitcoin may have bottomed, securing a support level above $20.000Hayes also explains in his study that Ethereum could have also bottomed at $1.700, which was its previous ATH.
Beyond the two main cryptocurrencies on the market, other altcoins have seen slight growth this week. Let's take a look at two of them: Waves and Cardano.
Why has Cardano (ADA) risen this week?
After a grey year, Cardano is experiencing a sort of second youth. Following the integration of Alonzo, the update with which Smart contracts were implemented in the network, the ecosystem has seen a notable increase in activity on the network, with millions of projects developing on it.
The Cardano ecosystem has seen a 368% increase in transaction volume daily in the chain, linked to the launch of the first applications and decentralized solutions that have been developed on the blockchain.
On the other hand, institutions have begun to accumulate ADA at such a high rate that, if this continues in the coming weeks, it could surpass Ethereum. Due to the technical problems of the Beacon Chain With the ongoing delays with the implementation of The Merge, institutions are beginning to turn towards ADA.
[hubspot type=cta portal=20298209 id=706f642a-bf43-4b7f-8a45-724decda5bcc]
It should be noted that institutional investors are looking for projects that offer stability and securityCardano has proven to be one of the most stable networks and the price of ADA has been holding steady for months.
On the other hand, users are waiting Vasil's arrival, the hard fork that will bring various improvements to the ecosystem, such as the reduction of transaction gas fees and processing times, which will make Cardano is one of the cheapest and fastest networks.
Why has Waves (WAVES) risen this week?
Waves is a blockchain that allows users to create and launch your own crypto token projects without the need for extensive knowledge of smart contract programming.
It has become a very attractive project for developers, while making a series of improvements, such as the implementation of a DAO. The board of this decentralized autonomous organization is composed of Waves Enterprises, Waves Labs, and Tokenomika.
The DAO will manage and execute the decisions of community members. At the same time, the software code has been released so that developers can continue building applications with it.
On the other hand, Waves' algorithmic stablecoin, Neutrino USD (NUSD), lost its peg to the dollar due to aggressive selling on Curve Finance. However, the Waves team managed to regain the NUSD peg and has launched a rollover plan, setting limits on selling and borrowing, to prevent it from happening again.
[hubspot type=cta portal=20298209 id=38fb28e1-1dc1-40e3-9098-5704ca7fcb07]
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
