The fact that the Cardano price is rising is not entirely unexpected. A major upgrade is coming that will bring a number of new features to the network. In addition, there is a growing interest in Cardano’s NFT capabilities.
Cardano becomes the third largest NFT blockchain
Cardano’s daily NFT sales reached $1.3 million on Monday. This makes the blockchain the third largest NFT blockchain in the world. Cardano has to put up with only Solana and Ethereum.
Much of this increase is likely due to users moving to Cardano from Solana. This happened just after the recent outage of Solana. Several NFT traders expressed their frustration on Twitter about the frequent Solana outages. Some said that’s why they would switch to Cardano.
Data from cryptoslam show that Solana’s daily NFT sales have fallen nearly 20% over the past 24 hours to $2.4 million.