With another completed step towards the full implementation of the “Goguen era”, more and more retail investors are apparently attracted to Cardano. The cryptocurrency made it into the top 3 largest cryptocurrencies a few days ago, and one reason for this could be the massive interest from the retail sector.
As data from Google Trends indicates, the number of searches for Cardano has been on the rise since the end of 2020. In December, Cardano’s developer IOG completed the deployment of the first of three hard forks, “Allegra”, bringing the metadata functionality.
The first major spike in Cardano searches was around December. Just yesterday, the search volume climbed to a new high, after the second hard fork “Mary” was successfully activated. The third fork named “Alonzo” has a tentative deployment date of Q2 2020 and will allow the smart contract platform Plutus to be deployed on the mainnet.
As the emergence of the Binance Smart Chain (BSC) and the massive BNB rally have shown, people tend to support competing Ethereum projects that use its network congestion to their advantage to poach users. As a fundamental part of BSC’s DeFi ecosystem, the BNB token has therefore seen a huge boom in recent days. Investors may hope for something similar from Cardano, as its DeFi will be both faster and more secure, as well as significantly cheaper than Ethereum.
Another driving factor for the price could be IOG’s recent Africa announcements. Charles Hoskinson and his team teased the world’s largest blockchain deployment a few weeks ago. Details on this and other projects in Africa are expected to be announced in a “special show” later this month.
As a result of the increased interest, Cardano’s blockchain also recorded an increase in the number of transactions. In epoch 250, the platform recorded over 192,598 transactions. The rapid growth of this number began after epoch 241, when transactions were still at 59,591.
The ADA price is undergoing a consolidation
Trader Michaël van de Poppe has been very bullish on ADA recently. In his latest analysis, he stated that the cryptocurrency seems to be trending lower in its current price range. On the one-day chart, the trader expects the ADA/BTC pair to stay between 1,900 and 2,100 sats. On a lower time frame, he marked support at 2,300 sats.
At the time of publication, ADA was trading at $1.23 with a loss of 2.1% in the last 24 hours. On the weekly and monthly chart, ADA is registering a gain of 28.0% and 254.1% respectively. The market capitalization stands at $39 billion.