On Tuesday, January 28, Cardano rallied upward in the market breaking above its 6-month range. Similarly, the cryptocurrency has presented another glorious record on the hill of the massive price rise it witnessed recently.
According to information shared by a crypto trader, Crypto.bi, Cardano blockchain network node has been exploding in recent days.
As illustrated by Crypto.bi, Cardano network node rose by more than 100% between block height 146362 and 146363.
The crypto trader in his illustration made on twitter furthered that based on Per Metcalfe’s law, Cardano ADA network value, in line with the network node presented, has quadrupled in just one block.
The network more than doubled between height 146362 and 146363.
Per Metcalfe's law, network value is N squared. So Cardano ADA network's value has quadrupled in one block.
Price action hasn't reflected this yet! pic.twitter.com/Sp6nMTS3KP
— crypto.bi 🔑 (@cryptodotbi) January 30, 2020
Metcalfe, in his theory, enacted in the 80s, claimed the value of a network is proportional to the square of network nodes, that is the number of users. Metcalfe’s law propounded that there is a great connection between the value of a network and its size. The size of a number, according to Metcalfe, is measured by the number of users.
Metcalfe’s law, in relation to cryptocurrency, proposes that the more adoption a cryptocurrency gets (number of users) the higher the network value of the crypto.
Binance Futures Launches Perpetual Contract for Cardano (ADA)
Binance crypto exchange has announced that it would be launching a new perpetual contract for Cardano cryptocurrency with ADA/USDT trade pair at 08:00 (UTC) today, 31 January 2020.
For the newly released Cardano perpetual trade, Binance will implement a pricing limit of ±1% on the mark price for the first 15 minutes after trading starts to mitigate market manipulation.
The new perpetual contract will allow users trade Cardano (ADA) with up to 75x leverage, Binance said in an announcement.