Logo
Cardano Ecosystem

NewsBTC

02/27/2024

·

40 views


Cardano Adoption Explodes: ADA Price Ready To Reclaim $3.1 All-Time High?

Cardano (ADA) could be on the path to breaking new price levels in the coming weeks, as indicated by on-chain data and adoption growth. The creation of new wallets on the Cardano blockchain has seen multiple...

Cardano Adoption Explodes: ADA Price Ready To Reclaim $3.1 All-Time High?

Cardano (ADA) could be on the path to breaking new price levels in the coming weeks, as indicated by on-chain data and adoption growth. The creation of new wallets on the Cardano blockchain has seen multiple spikes on various days since the beginning of February, showing a potential influx of new money into Cardano.

According to on-chain data, new addresses on the Cardano network spiked 89% between February 22 and February. Similarly, this metric witnessed a 248% surge earlier in the month between February 1 and February 2. Such a huge influx of new wallets is a very bullish signal for ADA. 

Cardano Metrics Points To Increased Interest

One of the major factors to consider when considering the adoption rate of cryptocurrencies is the amount of new wallets created. According to on-chain data, the number of new wallets added to the Cardano blockchain spiked from 1,706 on February 22 to 3,227 on February 23. Similarly, this metric witnessed a larger spike from 1,553 on February 1 to 5,414 on February 2.

While the number of new wallets created daily has slowed down since February 23, it has steadied above 1,500 since the beginning of February. The total number of wallets registered on the Cardano network has also been steadily climbing and is almost at 4.6 million addresses. 

Active daily addresses have climbed above 30,000 since the beginning of the year, recently reaching 64,568 active addresses on February 16. This growth on the back end shows that interest in the Cardano ecosystem is skyrocketing as more people want to get their hands on the native ADA token. This could translate into more demand for ADA, leading to a price increase.

ADA holders have been left wondering if the price can revisit its all-time high above $3.1 this year. After ranging and trading mostly $0.6 last week, ADA has now broken past the $0.62 mark again after a 6.99% influx into the entire crypto market. At the time of writing, Cardano is now trading at $0.6211, up by 6.23% in the past 24 hours and up 29.85% in the past 30 days.

However, ADA’s path back to the all-time high of $3.1 remains difficult, as it must overcome numerous price resistances. The first stage would be to get significant traction above $0.63. If successful, ADA might launch a new rise above $0.63, reaching $0.66 for the first time since December 2023.

As long as Cardano stays above $0.66, it is in good shape to eventually reach $1.20. Many long-term holders (529,000 addresses) who bought around this price point would likely sell here to break even. But if adoption increases and demand is strong enough, ADA could power right through.

ADA price chart from Tradingview.com (Cardano)

ADA price at $0.619 | Source: ADAUSD on Tradingview.com

Featured image from Eightcap EN, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on NewsBTC

ORIGINAL SOURCE

https://www.newsbtc.com/news/cardano/car...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


Genius Yields DEX Launched!

More from NewsBTC

See more
Cardano Bucks Bears As Large Transactions Climb To $10 Billion, Can This Drive Price To $1?
NewsBTC
Cardano Bucks Bears As Large Transactions Climb To $10 Billion, Can This Drive Price To $1?

last Thursday at 12:54 PM

·

15 views

Related News

See more
Genius Yields DEX Launched!

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)