Cardano sees significant growth in on-chain activity and number of new addresses
Cardano records a massive increase in on-chain activity, with the number of new addresses increasing by 167%. Number of Cardano addresses is increasing A leading crypto analyst reports a significant increase in on-chain activity for the Cardano blockchain. He...
Cardano records a massive increase in on-chain activity, with the number of new addresses increasing by 167%.
Number of Cardano addresses is increasing
A leading crypto analyst reports a significant increase in on-chain activity for the Cardano blockchain. He was referring to the growth figures of IntoTheBlock’s Net Network.
#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† pic.twitter.com/9m8tjt2U9m
— Ali Martinez (@ali_charts) February 16, 2022
The analyst notes that the number of new addresses created on the Cardano network has increased by almost 167%. The number has risen to over 112,500. Sustained growth in the number of addresses usually precedes a spike in price volatility for ADA.
On-chain activity. Source: MessariThis can also be substantiated with recent data from Messari. Apart from Bitcoin, Cardano ranks first in transaction activity, surpassing Ethereum. Based on transaction volume, Cardano overtook Ethereum with its $15.06 billion. In the last 24 hours, it registered a volume of $6.71 billion.
Adjusted transaction volume is still a good way to isolate only the most important transactions. Cardano outperformed Ethereum on adjusted volumes, with 24-hour volume of $14.26 billion. Compared to Bitcoin and Ethereum, Cardano users also paid lower fees.
Cardano users paid just $54,027.47 in transaction fees in the past 24 hours. This is little compared to the $0.44 million and the $25.87 million for Bitcoin and Ethereum. Cardano’s SundaeSwap recently reached a milestone of more than 100 million ADA traded just weeks after its launch on the market.
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The ADA price
The price of ADA currently balances around $1.07. Several factors can contribute to a price increase of ADA in the medium term.
ADA price. Source: TradingviewA comeback from buyers, in an optimistic scenario, could mean Cardano price remains around the USD support level. If buyers buy at once, a breakout through the $1.18 barrier could trigger a big surge. If the rebound then pushes the ADA back above $1.79, it could be the start of another uptrend towards $2.
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