Cardano’s Growing Smart Contract Network Indicates Promising Development
The cryptocurrency market has experienced a period of consolidation following a bearish phase and significant price increases. However, amidst this, Cardano (ADA) is making notable progress in other areas, particularly the expansion of its smart contract network since the beginning of the year.
Cardano’s network now boasts an impressive number of Plutus scripts, including Plutus V1 and Plutus V2. On March 19, the total number of scripts reached 39,032, which marks a remarkable growth rate of 171.45% compared to the 14,379 smart contracts recorded on January 1.
Breaking down the figures further, there are currently 6,439 Plutus V1 scripts (a 2.27% increase from January 1) and 32,593 Plutus V2 scripts (a substantial increase of 303.23% from January 1).
- This growth translates to approximately 495 new smart contracts being added to the Cardano ecosystem each day.
- On average, around 82 Plutus V1 scripts are created daily.
- The network also sees an average of 413 Plutus V2 scripts being added every day.
This expansion is evidenced by data from Cardano Blockchain Insights charts.
Cardano Price Analysis
As of now, the price of Cardano stands at $0.60711. Although this reflects a decrease of 0.73% for the day and an 18.01% drop over the past week, it is important to note that the cryptocurrency has experienced an accumulated loss of only 2.18% on its monthly chart.
Crypto trading expert Ali Martinez recently pointed out that Cardano’s price movement is following a pattern similar to the one observed between 2018 and 2021. This suggests a consolidation phase within the $0.55-$0.80 range, followed by a surge to $1.70. After another period of consolidation, a breakout to $5 could potentially occur.
Cardano Price Prediction
Various finance experts have offered predictions for Cardano’s future price growth. The projections range from a conservative estimate of $0.945 to an optimistic target of $11 by the end of 2024.
Artificial intelligence (AI) and machine learning platforms have also weighed in on Cardano’s price potential:
- The most pessimistic AI prediction places the price at $1.26.
- The most bullish forecast sets the target at $8.
It is important to note that these predictions are subject to change due to the volatility of the cryptocurrency market. Staying informed about Cardano news and conducting personal research is crucial for investors.
Conclusion: Positive Outlook for Cardano
The significant growth in Cardano’s smart contract network indicates promising development for the cryptocurrency. With a substantial increase in the number of scripts and ongoing improvements, positive sentiment surrounding Cardano may push its price upward.
However, it is essential to stay updated with the latest Cardano news and conduct thorough research before making any investment decisions. The cryptocurrency market can be unpredictable, and individual circumstances may vary.
Remember to approach investments wisely and seek professional advice when necessary.
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