Cardano is showing signs of growth and adoption, even though its price has yet to reach the levels of other cryptocurrencies this year. Is the blockchain preparing for an imminent takeoff?
- Cardano’s monthly active addresses reach their highest point in a year, indicating increased adoption of the network.
- Cardano’s whale activity has increased significantly, with large transactions outpacing Ethereum in the last seven days.
- Analysts speculate that ADA may regain the $1 level amid bullish market sentiment.
Cardano has yet to arrive at the $0.8 price level this year, even though most cryptocurrencies have surpassed their old price levels. Although the blockchain has seen some developments, the price action has lagged behind its peers. However, Cardano continues to give investors a glimmer of hope as activity rises to new highs. Chain data shows that active addresses on Cardano’s network are increasing, and the monthly active count has reached its highest point in the last year.
Cardano’s monthly active address count hits a one-year high
Cardano’s active address count just hit a one-year high, indicating strong adoption of the network and suggesting big things are on the horizon. According to data from Danogo, active addresses in the last 30 days reached 596,915 on March 11, their highest level since May 2023. Interestingly, this number is nearly double the 279,000 active addresses recorded in September 2023, the lowest number of monthly active addresses in the last year.
Active addresses are one of the few metrics to consider when measuring the adoption rate of cryptocurrencies. Notably, several metrics have shown an increase in Cardano’s network activity and its ability to process more transactions. Further analysis of the chart data presented by Danogo shows that monthly active addresses reversed to begin an increase in late February after plummeting in January.
Cardano Blockchain Whale Activity Rising
Cardano Blockchain Insights data tells a similar story of increased activity, with daily active addresses staying above 50,000 since Feb 29. Active addresses in the last 24 hours were 66,970. A similar activity metric from IntoTheBlock shows an increase in Cardano whale activity. Its “large transactions” metric, which measures transactions greater than $100,000, puts the number of whale transactions at 6,810 in the last 24 hours and $73.86 billion in seven days. Ethereum’s large transactions amount to USD 63.17 billion over the same period. Supply in the top 1% has also shown strong accumulation by whales, increasing by around 60 million ADA on March 10.
Will ADA regain the $1 level?
Interestingly, ADA has more than tripled from a price of $0.24 at the September monthly active address low. At the time of writing, ADA is trading at $0.79, up 42% in the last 30 days. ADA has been rejected twice at the $0.8 level this month but is now on track to retest that price level. If the bulls can push ADA above $0.8, this could give the cryptocurrency a clear path to reach $1 for the first time since April 2022. Overall, the cryptocurrency market continues to maintain bullish sentiment, which could push ADA above $1 this month.