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TheCryptoBasic

03/08/2024

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Cardano Active Addresses Spike to 76,000 as Price Looks to Break $0.80

Cardano is witnessing an influx of market participants, with active addresses skyrocketing to a high above 76,000 amid ADA’s attempt to breach the $0.80 territory. Cardano (ADA) has continued to attract...

Cardano Active Addresses Spike to 76,000 as Price Looks to Break $0.80

Cardano is witnessing an influx of market participants, with active addresses skyrocketing to a high above 76,000 amid ADA’s attempt to breach the $0.80 territory.

Cardano (ADA) has continued to attract attention from investors, further putting the “ghost chain” claims to bed. The asset recently saw a surge in daily active addresses, a trend which indicates a growing rate of network activity.

Cardano Active Addresses Hit Yearly High

Notably, data from Santiment shows that the number of daily active addresses increased to a new yearly high of 76,445 on March 6, while the asset looked to recover from the massive price drop observed the previous day.

Cardano Daily Active Addresses Santiment
Cardano Daily Active Addresses | Santiment

Recall that ADA collapsed 10% on March 5, as Bitcoin’s (BTC) retracement sent the entire market into the red zone. The token dropped to a low of $0.5710 before staging a comeback that saw it close March 5 above $0.69.

This recent surge in active addresses came up as ADA sought to reclaim the lost values on March 6. The cryptocurrency eventually reclaimed the $0.70 price territory that day, closing at an impressive price of $0.7349.

The latest 76,455 high in daily active addresses represents a 55% increase from the low of 49,171 recorded on March 3. Since this low, Cardano has experienced a gradual uptick in active addresses, with the recent run culminating in the 76,455 top.

Growing Interest

Interestingly, the increase in daily active addresses coincided with a similar rise in trade volume, as investors trooped into the market. ADA saw a 24-hour volume of $1.22 billion on March 6, up from the February average of $450 million. 

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In addition, Cardano futures Open Interest (OI) also saw an impressive rise, soaring to a high of $588 million on March 5. Notably, this marked the highest OI ADA has witnessed since April 2022. 

It bears mentioning that since the 76K top, active addresses have continued to decline, currently sitting at 57,598 as of press time. Despite the recent drop, the current figure is still considerably higher than last month’s daily average.

While ADA has not rallied as much as some leading assets such as Ethereum (ETH) and Solana (SOL), the cryptocurrency has seen a price uptick as the broader market run takes shape. Notably, ADA has outperformed BTC over the past six months, but trails in the last three months.

Cardano initially aimed to breach the $0.80 price territory when it leveraged the bullish momentum to register an impressive 6% surge on March 4. However, the token faced opposition at a 21-month high of $0.7986. Currently trading for $0.7377, ADA now seeks to engineer another retest of $0.80.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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