Cardano (ADA) Wallets Surge Past 4.65 Million in 2024, Signaling Accelerated Growth - Crypto Economy

TL;DR

• Wallet Growth: Cardano’s wallet count has surpassed 4.65 million, with an average daily increase of 2,100 wallets, highlighting significant adoption and growth.
• Smart Contract Expansion: The network has added approximately 40,000 new smart contracts this year, showcasing the development and utilization of its blockchain technology.
• ADA Price Movements: Despite recent fluctuations, ADA’s price shows a 4% rise in the last 24 hours, with predictions suggesting a potential increase to between $0.945 and $11 by the end of 2024.
  

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The number of Cardano (ADA) wallets has surged past 4.65 million in 2024, indicating accelerated growth and adoption of this digital asset. This growth rate translates to an addition of over 2000 wallets per day, a remarkable feat for any cryptocurrency.

In 2024, Cardano has been consistently expanding its user base, adding an average of 2,100 new wallets each day. This trend underscores the growing acceptance of its Proof of Stake (PoS) network. The most notable increase in wallet creation happened on February 2, when the blockchain saw the addition of 5,414 new addresses.

To put it in other words, the data indicates that since the beginning of the year, the Cardano blockchain has seen a remarkable increase of 168,034 new user wallets. 

Alongside the rise in crypto wallets, the Cardano network has welcomed around 40,000 new smart contracts in 2024. This includes the deployment of Plutus V1 and Plutus V2 scripts, with an average of about 495 contracts being established daily since the start of the year.

Cardano’s Native Token ADA: Performance and Predictions

As per the most recent data, Cardano’s native token is currently priced at $0.6332, marking a nearly 4% rise in the last 24 hours. Despite a 19.86% drop over the past week, the token has seen an 8% uptick in its monthly performance.

Crypto trading specialist Ali Martinez has observed that Cardano’s price movements mirror trends seen from 2018 to 2021. Martinez predicts a consolidation phase for Cardano in the $0.55-$0.80 range, followed by a jump to $1.70, a subsequent correction, and a potential breakout to $5.

Numerous financial analysts have provided their forecasts for the price path of Cardano in 2024, with estimates varying from a modest $0.945 to an optimistic $11 by year’s end. Predictions from artificial intelligence (AI) platforms have also suggested price ranges between $1.26 and $8.

In essence, Cardano’s network has experienced substantial expansion in 2024, maintaining the momentum from previous years. This growth has attracted new users and fostered a positive outlook towards its native token, potentially influencing its value. Nonetheless, it’s crucial to exercise caution and stay updated with Cardano-related news before making any investment decisions.