The Cardano blockchain has grown dramatically in the last year, as evidenced by an increase in the number of wallets holding the network's native token, ADA.
Notably, according to Cardano Blockchain Insights statistics, the largest Proof-of-Stake (PoS) asset added 453,121 wallets between January 1, when the number of wallets stood at 2,666,372, and March 31, when the number of wallets stood at 3,193,445.
Indicating that during this time, Cardano added over 5,000 wallets to its network on a daily basis, resulting in a 19.76 percent increase in total wallets in Q1 alone.
It's also worth noting that the ADA has increased the total number of wallets by over 500,000 since the beginning of 2022, with Cardano surpassing the 3 million wallet milestone earlier this year at the beginning of February.
The expansion of the ADA ecosystem
The increase in the number of wallets in Q1 in particular has coincided with the network's rapid expansion.
According to MKT57's report on the 11 ways Cardano plans to scale in 2022, the changes have increased the value of ADA, resulting in increased interest from investors, including institutional investors, as the number of on-chain transactions over $100,000 increased 50x in 2022.
In the last week alone, ADA holders with supplies worth $100 to $100,000 have reached an all-time high of 16.8 percent of the available supply, while MKT57 also announced that the number of Cardano-based smart contracts has surpassed 2,000 for the first time.
As Cardano's price begins to recover, the cryptocurrency community anticipates that its value will rise further. MKT5 revealed earlier this month that the Cardano community at CoinMarketCap predicted that the cryptocurrency would trade at $1.35 by the end of April 2022.
Finally, speculative investors will be watching for a rally in the run-up to the Vasil hardfork, which is expected to improve the platform's transaction throughput while also increasing volume and liquidity.
Cardano is currently trading at $1.20, a 0.03 percent decrease on the day and a 1.44 percent decrease in the last week.
DISCLAIMER
The author's or anyone else's views or opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading in crypto assets carries a financial risk.
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