Cardano Network Sees Steady Growth in Crypto Wallets
Cardano (ADA), the eighth-largest cryptocurrency by market capitalization, is experiencing steady growth not only in its price but also in the number of crypto wallets on its blockchain. The number of wallets on the Cardano network has reached 4,651,150 as of March 20, representing a 3.75% increase since January 1.
2,100 ADA Addresses Added Daily
This growth translates to an impressive addition of 168,034 new user wallets since the beginning of the year. On average, the Cardano blockchain has been growing by about 2,100 new wallets per day in 2024, indicating the increasing adoption of its Proof of Stake (PoS) network.
- The Cardano network added a total of 5,414 new addresses on February 2, making it the most successful day for wallet creation this year.
In addition to the increase in wallets, the Cardano network has also seen the creation of about 40,000 new smart contracts since January 1. This averages to approximately 495 contracts created per day. These smart contracts include Plutus V1 and Plutus V2 scripts.
Cardano Price Analysis
The native token of the Cardano platform is currently priced at $0.63465. Over the past 24 hours, it has experienced a 1.76% increase in value. However, it has seen a decline of 19.86% over the previous seven days and a monthly gain of 1.76%.
Crypto trading expert Ali Martinez has observed similarities between current Cardano price movements and those from the period between 2018 and 2021. This suggests a consolidation in the $0.55-$0.80 range, followed by a surge to $1.70, further correction, and finally a breakout to $5.
Cardano Price Prediction
Multiple finance experts have predicted that ADA will continue to grow in 2024. The price projections for the year range from $0.945 to a bullish $11. Artificial intelligence (AI) platforms also forecast a price range between $1.26 and $8.
Cardanoโs Growing Ecosystem
The growth of Cardanoโs ecosystem in 2024 has been significant, attracting new users and creating positive sentiment around its native token. However, it is important to exercise caution and stay informed about Cardano news before making any investment decisions.
Hot Take: Cardano Continues to Expand Its User Base
Cardanoโs steady growth in the number of crypto wallets on its blockchain is a positive sign for the platformโs adoption and future prospects. With an average of 2,100 new wallets added daily, it is clear that more users are joining the Cardano network.
In addition, the creation of 40,000 new smart contracts further demonstrates the increasing utilization of the Cardano blockchain. This growth is expected to have a positive impact on the price of ADA in the long run.
However, it is essential to remain cautious when investing in cryptocurrencies and stay informed about market developments and news related to Cardano. Conducting thorough research and understanding the risks involved is crucial for making sound investment decisions.
Sources:
โ Cardano Blockchain Insights
โ Finbold
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