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Cardano’s Hydra pushes ADA above $1, positioning it as a scalable dApp hub and potential challenger to Ethereum’s dominance.
Cardano’s Hydra is the latest scaling solution in the Cardano ecosystem and has caused the price of ADA to rise above $1. While ADA’s current price represents a 65% decline from its peak, ADA holders are 90% bullish.
Compared to Ethereum’s price, ADA is much cheaper and developments in its ecosystem could potentially threaten Ethereum’s dominance. For example, Cardano’s Hydra can improve Cardano’s scalability and make it a preferred ecosystem for dApp development.
Given Ethereum’s difficulties in scaling its network, including switching from a PoW to a PoS protocol, Cardano’s Hydra may soon help developers build fast dApps with high mass adoption rates.
Cardano’s Hydra is well on its way to taking ADA to new levels
ADA’s current price is $0.91 and is in an uptrend that has seen ADA rise over 50% in the last 60 days. After the ADA price remained in the $0.35 range for months, whale activity in the Cardano ecosystem is now increasing, leading market observers to expect a further increase to $2 in the short term.
An inflow of over 680 transactions worth more than $1 million was reportedly recorded on Cardano’s ADA as confidence grew in ADA’s bull run. The Cardano founder has also confirmed that ADA is primed for higher highs in…