Cardano Ready For Breakout As Network Adoption Hits Major Milestone
March 14 2024 - 12:00PM
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Cardano is yet to venture into the $0.8 price level this year,
despite most cryptocurrencies breaking past old price levels.
Although the blockchain has seen some exciting developments, the
price action has been a little bit behind when compared to its
peers. However, Cardano continues to give investors a glimmer of
hope, as activity keeps soaring to new highs. On-chain data
shows that the active addresses on the Cardano network are spiking,
with the monthly active count reaching its highest in the past
year. Monthly Cardano Active Addresses Hit One-Year High Cardano’s
active address count just hit a one-year high, signaling major
network adoption and hinting at big things to come. According to
data from Danogo, the active addresses in the past 30 days reached
596,915 on March 11, its highest since May 2023. Related Reading:
Ethereum Is Not Done: Crypto Analyst Sets New $5,000 Target
Interestingly, this number almost doubles the 279,000 active
addresses recorded in September 2023, the lowest monthly active
addresses in the past year. Active addresses are one of the
few metrics to look at when measuring the adoption rate of
cryptocurrencies. Notably, various metrics have shown a surge in
activity on the Cardano network and its ability to process a high
number of transactions. A further look at the chart data presented
by Danogo shows that the monthly active addresses reversed to start
a spike at the end of February after going on a free fall in
January. Data from Cardano Blockchain Insights tells a
similar tale of increased activity, with the active daily addresses
steadying above 50,000 since February 29. Active addresses in the
past 24 hours were 66,970. A similar activity metric from
IntoTheBlock shows increased activity from Cardano whales. Its
large transaction metric, which measures transactions greater than
$100,000, puts the number of whale transactions at 6,810 in the
past 24 hours and $73.86 billion in the past seven days. For
comparison, Ethereum’s large transactions stand at $63.17 billion
in the same time frame. The supply in the top 1% has also
shown a strong accumulation from whales, spiking by around 60
million ADA on March 10. ADA To Reclaim $1? Interestingly, ADA has
more than tripled from a $0.24 price in the monthly active
addresses low in September. At the time of writing, ADA is trading
at $0.79, up by 42% in the past 30 days. Related Reading:
Dogecoin Influencer Sounds Critical Warning Alarm For Scams
Targeting The Community ADA has been rejected at $0.8 twice this
month already, but it is now on its way to retesting the price
level again. If the bulls can push ADA above $0.8, this could give
the cryptocurrency free rein to reach $1 for the first time since
April 2022. Overall, the overall crypto market continues to retain
a bullish sentiment, which could push ADA above $1 this
month. ADA price at $0.78 | Source: ADAUSDT on
Tradingview.com Featured image from Binance Academy, chart from
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