Cardano (ADA) Network Explodes as Growth Indicators Multiply

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Written By Maya Cantina

Sun, 3/03/2024 – 15:33

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Cardano (ADA), the eighth-largest cryptocurrency by market capitalization, has been steadily rising since the beginning of the year, reaching a high of $0.764 on March 2.

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The number of active wallets, which refers to addresses that make one or more on-chain transactions on a given day, is one of the major metrics that show the Cardano network’s health and growth.

According to IntoTheBlock data, Cardano has witnessed an increase in daily active addresses since the beginning of the year, mirroring ADA price increases.

Another measure that indicates activity on the Cardano network is the number of transactions.

The total number of transactions climbed by 3.1 million over the prior month, according to Input Output Global’s (IOG) recently issued February development highlights, bringing the total number of transactions to 85.8 million.

According to IntoTheBlock data, 37.26 billion ADA were transferred in large transactions totaling $27.61 billion in the last 24 hours. Since Feb. 26, Cardano has seen a steady uptick in large transaction volume, which indicates the total amount transacted by whales. In this context, large transactions refer to those in which an amount greater than $100,000 was transferred.

According to crypto analyst Ali, these network indicators suggest that Cardano (ADA) is not only experiencing a price uptrend but also a network uptrend, as it is growing in terms of users, value and utility.

In a new tweet, Ali pointed out that the uptrend in Cardano appears healthy, noting a notable rise in daily active ADA addresses, transaction volume and transactions from ADA whales. Ali believes that this increasing activity signifies strong network engagement and investor interest, as well as positive indicators for continued growth.

At the time of writing, ADA was down 2.69% in the last 24 hours to $0.71, mirroring the general market profit taking, but up 20% in the last seven days.

As reported, the 10 millionth block was minted on the Cardano blockchain by the JAPAN4 pool on March 1, marking an exciting milestone for Cardano and its community.

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