The Kadena price has been in a strong bullish trend in the past few days as investors cheer its rising demand. KDA, its native token, has risen in the past five consecutive days and is trading at $15.70. This means that it has jumped by about 165% from its lowest level this month. As a result, its total market capitalization has risen to more than $2.5 billion.
What is Kadena and why is it rising?
Ethereum is the second-biggest blockchain platform in the world after Bitcoin. Yet it is the most powerful project thanks to its smart contracts features. These features make it possible for developers to build decentralized applications (DAPP) and decentralized autonomous organizations (DAOs).
However, Ethereum is not perfect. Besides, it is a second-generation blockchain platform that uses proof-of-work (PoW) technology. It is known for being slow and transactions within its network are slow and inefficient.
Therefore, the number of Ethereum-killers has continued to increase in the past few years. These are companies that are seeking to solve some of the biggest challenges that Ethereum has like its slow speeds and higher costs.
Kadena is one of the leading Ethereum-killer. The platform was developed by two computer scientists who used to work for JP Morgan, the biggest bank in the world. They were the leaders in developing the bank’s JPM Coin, an internal network that the bank uses to move money.
Kadena solves Ethereum’s challenges in a number of ways. The simplest one is that it uses a proof-of-stake technology that makes the minting of new coins highly efficient and fast.
Also, the developers have built a quality platform that is significantly fast. Today, Kadena can process more than 480,000 transactions per second. In contrast, Ethereum handles less than 20 transactions per second while Visa handles less than 5,000.
Kadena price prediction
The daily chart shows that the KDA price has been in a strong bullish trend in the past few days. The coin has managed to move from a low of $5.80 on December 18 to the current $15.70. Along the way, it has risen above the 25-day and 50-day moving averages. It is also along the upper side of the Bollinger Bands. It is also between the 50% and 38.2% Fibonacci retracement level.
Therefore, the Kadena price will likely keep rising as bulls target the key resistance level at about $20. This price is about 30% above the current level.
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