Cardano records huge increase in on-chain activity, with new addresses rising by 167%
According to some reports, there is a significant increase in on-chain activity for Cardano. At the time of writing, ADA is changing hands at $1.072. ADA/USD 4-hour chart | Source: TradingView Cardano saw significant growth in on-chain activity as...
According to some reports, there is a significant increase in on-chain activity for Cardano. At the time of writing, ADA is changing hands at $1.072.
ADA/USD 4-hour chart | Source: TradingView
Cardano saw significant growth in on-chain activity as new addresses spike 167%
Crypto analyst Ali Martinez stated that Cardano has seen a significant increase in on-chain activity. “The number of new daily addresses being created on the $ADA network surged by 167% to hit 112.5K addresses. A sustained increase in this metric generally precedes a spike in price volatility for ADA”, he stated.
Source: Ali Martinez/Twitter
Accordingly, the number of daily new addresses created on the Cardano network has increased by nearly 167%, surpassing 112,500 addresses. Sustained growth in this index is often preceded by a spike in price volatility for ADA.
![cardano-records-huge-increase-in-on-chain-activity-with-new-addresses-rising-by-167[1]](https://d3f5j9upkzs19s.cloudfront.net/azcoinnews/wp-content/uploads/2022/02/cardano-records-huge-increase-in-on-chain-activity-with-new-addresses-rising-by-1671.png)
Source: Messari.io
It can be seen that, in addition to Bitcoin, Cardano is in the top position in terms of transaction activity, surpassing Ethereum. Based on trading volume, Cardano overtook Ethereum at $15.06 billion, while the latter registered a 24-hour volume of $6.71 billion.
Adjusted volume is still a good way to isolate only the most important transactions. Cardano outperforms Ethereum on adjusted volume, with a 24-hour volume of $14.26 billion, compared to $5.20 billion of the latter. Compared to Bitcoin and Ethereum, Cardano users also pay lower fees.
Cardano users have only paid $54,027.47 in transaction fees over the past 24 hours, compared with $0.44 million and $25.87 million for Bitcoin and Ethereum, respectively. Cardano’s SundaeSwap recently hit the milestone of over 100 million ADA traded in the weeks following its launch.
Sign up for a Binance account here (Discount 10% trading fees): https://accounts.binance.com/en/register?ref=29171587
Read more:
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!
