Cardano records a massive increase in on-chain activity, with the number of new addresses increasing by 167%.
Number of Cardano addresses is increasing
A leading crypto analyst reports a significant increase in on-chain activity for the Cardano blockchain. He was referring to the growth figures of IntoTheBlock’s Net Network.
#cardano has seen a significant increase in on-chain activity!
The number of new daily addresses being created on the $ADA network surged by 167% to hit 112.5K addresses. A sustained increase in this metric generally precedes a spike in price volatility for #ADA† pic.twitter.com/9m8tjt2U9m
— Ali Martinez (@ali_charts) February 16, 2022
The analyst notes that the number of new addresses created on the Cardano network has increased by almost 167%. The number has risen to over 112,500. Sustained growth in the number of addresses usually precedes a spike in price volatility for ADA.
This can also be substantiated with recent data from Messari. Apart from Bitcoin, Cardano ranks first in transaction activity, surpassing Ethereum. Based on transaction volume, Cardano overtook Ethereum with its $15.06 billion. In the last 24 hours, it registered a volume of $6.71 billion.
Adjusted transaction volume is still a good way to isolate only the most important transactions. Cardano outperformed Ethereum on adjusted volumes, with 24-hour volume of $14.26 billion. Compared to Bitcoin and Ethereum, Cardano users also paid lower fees.
Cardano users paid just $54,027.47 in transaction fees in the past 24 hours. This is little compared to the $0.44 million and the $25.87 million for Bitcoin and Ethereum. Cardano’s SundaeSwap recently reached a milestone of more than 100 million ADA traded just weeks after its launch on the market.
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The ADA price
The price of ADA currently balances around $1.07. Several factors can contribute to a price increase of ADA in the medium term.
A comeback from buyers, in an optimistic scenario, could mean Cardano price remains around the USD support level. If buyers buy at once, a breakout through the $1.18 barrier could trigger a big surge. If the rebound then pushes the ADA back above $1.79, it could be the start of another uptrend towards $2.
