Cardano has not yet ventured into the $0.8 price level this year despite the crash of most cryptocurrencies previous old price levels. While blockchain has seen some interesting developments, price action has lagged a bit when compared to their peers. However, Cardano continues to give investors a glimmer of hope as activity continues to increase to new highs.
Network data shows that active addresses on the Cardano network are increasing, with the monthly asset count reaching its highest level in the past year.
Cardano monthly active addresses reach one-year high
Cardano’s active address count has reached its highest level in a year, signaling huge adoption of the network and hinting at big things to come. According to data from Danogo, active addresses in the last 30 days reached 596,915 on March 11, the highest since May 2023.
Interestingly, this number almost doubles the 279,000 active addresses registered in September 2023, the lowest number of monthly active addresses last year.
Active addresses are one of the few metrics to look at when measuring the adoption rate of cryptocurrencies. Notably, several metrics showed an increase in activity on the Cardano network and its ability to process a high number of transactions.
A deeper look at the chart data presented by Danogo shows that monthly active addresses reversed to begin a peak in late February after going into free fall in January.
Data Cardano’s Blockchain Insights tells a similar story of increased activity, with daily active addresses stabilizing above 50,000 since February 29. The active addresses in the last 24 hours were 66,970.
A similar activity metric of Inside the block shows increased activity of Cardano whales. Its large transactions metric, which measures transactions greater than $100,000, estimates the number of whale transactions at 6,810 in the last 24 hours and at $73.86 billion in the last seven days. For comparison, large Ethereum transactions totaled $63.17 billion in the same period.
Supply in the richest 1% also showed strong accumulation from whales, increasing by around 60 million ADA on March 10.
ADA to recover $1?
Interestingly, ADA has more than tripled from its $0.24 price at the monthly low of active addresses in September. At the time of writing, ADA is trading at $0.79, up 42% over the last 30 days.
ADA has already been rejected at $0.8 twice this month, but is now on track to retest the price level. If the bulls can push ADA above $0.8, this could give the cryptocurrency freedom to reach $1 for the first time since April 2022. Overall, the global crypto market continues to maintain 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 Tradingview.com
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