The on-chain activities in the Cardano network have coincided with new addresses increasing by 167% for the Cardano blockchain network. The reported increase arises from a flurry of activities that the Cardano network has experienced.
An analyst reported Cardano’s growth was due to increased on-chain activities on the Cardano blockchain network. Ali Martinez revealed that the number of new addresses added to the ADA network keeps on surging after attaining 112.500 addresses, a significant increase of 167%.
According to the analyst, a rise in price volatility usually accompanies such sustained growth, and the metric is the same for ADA. The crypto market runs, so that price surges mean demand for a particular token, and where the order is low, the price for such a token can be stable depending on several factors. Furthermore, market pressure is not the only determinant of price volatility.
Further corroborating Martinez’s position, a crypto trading data firm, Messari, also maintained that aside from Bitcoin, Cardano is among the top performers in terms of trading activities, jumping above Ethereum. The transaction volume recorded by Cardano saw it overtake Ethereum at $15.06 billion, while Ethereum recorded a transaction volume of $6.71billion. The vast difference in performance further lends credence to Cardano’s upturn in its market value after the wholesome updates of its blockchain network handled by the Cardano development team to boost its overall efficiency.
On-chain activity. Source: Messari
According to experts, further understanding the recent market performance is adjusting the transaction volumes to focus on only the most critical transactions. As such, Cardano outpaced Ethereum concerning the adjusted volumes of trades. Compared to Ethereum’s $5.20 billion, Cardano attained $14.26 billion in 24-hour trading activity.
How The Transaction Price Differs
In contrast to Bitcoin and Ethereum, users on the Cardano blockchain network pay lower fees per transaction. The breakdown in transaction fees shows that Cardano users paid a modest $54,027.47 in the past 24 hours, compared to $0.44 million and $25.87 million, respectively, for both Bitcoin and Ethereum. Additionally, Cardano’s SundaeSwap just recently recorded a new milestone of more than 100 million ADA transacted in a couple of weeks after its launch on the market.
ADA’s Price Performance
At the moment, the price of ADA is hanging at $1.07. some factors could play a role in a rise in the value of ADA in the interim. The prediction is because the token has yet to make a case for itself following the favorable steps its network development has reached after the massive updates.
Nonetheless, a buyers’ rally could see Cardano’s price withstand any pressure around the $1 mark support and remain so before another meteoric rise can happen. Should buyers converge, a bounce pulling the ADA from the $1.18 threshold might spark the journey to a remarkable increase. Again, should the upsurge in price lift ADA back to the $1.79 level, the rise may be the catalyst of a new upward price trend needed to retest the $2 range set for the uptrend.