By Ollie H - Cryptocurrency Broker - 10-11-2021
In recent crypto news, one altcoin has seen exponential growth in the last month. The underdog altcoin Kadena (KDA) has risen and spiked around 1200%, going from $2 to $24 within a month. Many investors have speculated as to why this altcoin is growing at such a fast rate. As a new blockchain-focused ecosystem, Kadena needs to reach a high-level standard in order to be just as good if not better than other crypto market investments.
Kadena uses blockchain technology, has better designed smart contracts and transactions with no gas fees. After hitting its all-time high, the crypto coin has since fallen in price to $15.74, which is quite a drop from $24.15. That being said, KDA is gradually regaining its peak as the price to buy KDA sneaks back up to around the $21 mark in the early morning of November 10th.
In comparison to the cryptocurrency giant Bitcoin (BTC), the Bitcoin network is considered the most secure to date. Despite the network's outstanding safety and security, the ecosystem lacks smart contracts, unlike the Ethereum (ETH) platform. Although Ether may have smart contracts making it a more advanced network, the gas fees are abundant and regularly on the rise. The Kadena ecosystem has looked into each of these factors and looks to solve the outstanding issues.
Backing Kadena's remarkable growth is many of its collaboration partners. The ecosystem has collaborated with many known crypto projects such as Polkadot, Cosmos, Ledger, and Celo, to name a few. Kadena plans to expand itself as much as possible; this includes entering the NFT industry, improving its payments, building DeFi projects, and more. KDAs overall expansion has proven to be a strong support and could explain Kadena's fast-paced growth.