Cardano (ADA) Sees Surge in Network Activity, Says Santiment
Blockchain analytics firm Santiment reports that Cardano (ADA), a competitor to Ethereum (ETH), is experiencing significant growth in network activity. Recent data suggests that Cardano’s on-chain transactions have increased by over 1,700% since January, indicating a potential upward move for the cryptocurrency.
Despite its lower market value compared to its April peak, Cardano continues to see rising transaction volume. This utility, combined with strong ADA social dominance, bodes well for the cryptocurrency’s future.
Currently, Cardano is trading at $0.25, with a minimal 0.3% decrease in the last 24 hours.
Ethereum’s Network Activity Indicates Potential Price Bounce, Says Santiment
Santiment also observes increased network activity for Ethereum, suggesting a forthcoming price bounce. The cryptocurrency’s network has surpassed 467,000 unique address interactions in a single day, the highest since the announcement of Bitcoin ETFs on June 16th.
Historically, upticks in utility have been crucial for Ethereum and other assets to increase in value.
At present, Ethereum is trading at $1,624, with a slight 0.5% decrease in the last 24 hours.
Ripple’s XRP Sees High Network Activity and Development Spike
Santiment has previously highlighted the increase in network activity for XRP, the token associated with Ripple Lab’s payments platform. XRP began September with the highest on-chain volume since February 1st, and its ecosystem is experiencing a significant surge in development activity.
As of now, XRP is valued at $0.50, with a marginal 0.6% decrease in the last 24 hours.
Hot Take: Positive Signs for Cardano and Ethereum
The surge in network activity for Cardano and Ethereum indicates promising potential for both cryptocurrencies. Cardano’s rising transaction volume, combined with strong social dominance, suggests a positive future for the project. Meanwhile, Ethereum’s increased utility and address interactions pave the way for a potential price bounce. These developments demonstrate the ongoing growth and value of the blockchain industry.
By
By
By
By
By
By