Recent data on the Cardano (ADA) blockchain shows a significant increase in the creation of new wallets, signaling potential growth in adoption and investment in the cryptocurrency. The number of new addresses on the Cardano network has spiked by 89% between February 22 and another 248% earlier in the month between February 1 and February 2. This influx of new wallets is a positive indicator for the ADA token.
The number of new wallets being added to the Cardano network has shown a substantial surge, from 1,706 on February 22 to 3,227 on February 23. This growth is significant compared to the previous numbers, such as 1,553 on February 1 to 5,414 on February 2. Despite a slight slowdown since February 23, the new wallets being created daily have remained above 1,500 since the beginning of the month. The total number of registered wallets on the Cardano network has also been steadily increasing, nearing 4.6 million addresses.
Daily active addresses on the Cardano network have exceeded 30,000 since the start of the year, with a recent peak of 64,568 active addresses on February 16. This surge in activity indicates a growing interest in the Cardano ecosystem and the native ADA token. The increased interest could lead to a higher demand for ADA, potentially driving up its price.
After trading around $0.6 last week, ADA has surpassed the $0.62 mark following a 6.99% increase in the overall crypto market. As of the time of writing, Cardano is trading at $0.6211, up by 6.23% in the past 24 hours and up 29.85% in the last 30 days. While the path back to the all-time high of $3.1 for ADA may be challenging due to various price resistances, the first milestone would be breaking above $0.63. If successful, ADA could potentially reach $0.66, a level not seen since December 2023. Sustained trading above $0.66 could pave the way for ADA to reach $1.20 in the future.
The recent increase in new wallets and active addresses on the Cardano network indicates a growing interest in the cryptocurrency and its potential for price appreciation. While the path to reaching previous all-time highs may present challenges, continued adoption and demand could drive ADA to new price levels. It is important for investors to conduct their own research and consider the risks involved in cryptocurrency investment.
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