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Saturday, June 22, 2024

Cardano adoption at record high

Despite a difficult market environment, Cardano can record a new all-time high. Never before have so many investors held ADA in their wallets.

The negative trend in the crypto market has also caught Cardano. The Altcoin currently has to defend itself against numerous sell-offs. Over the past 24 hours, native cryptocurrency ADA has seen its price decline around 11.8 percent and is trading around $0.66 at the time of writing. Despite the bearish market environment, positive tendencies are emerging within the network.

On the one hand, adoption at Cardano can progress significantly. This is shown by a report by CryptoCompare . Accordingly, the company again noticed an increase in wallet addresses that hold ADA in their portfolio. While 529,000 new hodlers joined the network in March, Cardano was able to expand this position by almost 3 percent in April – to 679,000. The number of addresses rose to 5.2 million at the end of last month, setting a new all-time high. At the same time, the number of short-term traders fell by almost 45 percent to 377,000.

Nevertheless, Cardano had to accept losses in network activity due to the negative trend of the past few weeks. The number of daily users fell from 123,000 to just under 52,000 in April – a drop of almost 58 percent. On a monthly basis, transactions even fell by more than 62 percent at times.

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Cardano dApp store is growing

Despite the backward movement in activity, Cardano can continue to expand its offer on its own dApp store “Plutos”. The platform was launched last year after Cardano implemented smart contracts in the network for the first time with the hard fork “Alonzo”. In order to counteract network overload, the block size was increased in February in order to be able to process more transactions at the same time.

The move is now bearing fruit. As network data shows, 271 new smart contracts were implemented within a month. On average, Plutos adds almost 70 smart contracts per week.

However, it is unlikely that these developments will affect the generally pessimistic market environment. According to the AI-supported analysis company IntoTheBlock, the interest of retail investors in Cardano has increased, but ADA is still miles away from the glory of days gone by. 78 percent are currently separating the coin from the all-time high.

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