- Cardano network has a total of about 4.26 million ADA wallets, representing a growth of 6 percent since April 1.
- However, Cardano’s price has dropped over 33 percent during the same period, indicating investors are buying for long-term growth prospects.
The growth of the Cardano (ADA) network is evident despite the months-long crypto bear market that has frustrated most investors. According to the latest cryptocurrency data, Cardano (ADA) has a total market capitalization of about $9.2 billion and an average 24-hour traded volume of approximately $177 million. The Cardano network has seen its health status improve significantly, with the Total Value Locked (TVL) at about 625.97 million ADA.
Cardano Network Attracts New Users
The cryptocurrency market is expected to continue attracting mainstream adoption in the coming months, amid heightened global inflation. Moreover, digital assets have offered all investors a safe haven without discrimination of geographical location as traditional financial institutions are popularly known for. The top traded digital assets are expected to spearhead the mainstream cryptocurrency adoption, as they offer seamless access with deep liquidity.
The Cardano (ADA) network has remained among the top ten most valuable digital assets since the onset of the cryptocurrency bear market in late 2021. Currently, the Cardano network takes pride in a thriving DeFi ecosystem led by Dapps like Minswap, Indigo, Liquid, Djed stablecoins, and MuesliSwap, among many others.
According to Cardano’s on-chain data, the network has about 4.261 million unique wallet addresses. Interestingly, the unique Cardano addresses have increased by about 6 percent since April 01, 2023, in tandem with the delegators. Notably, the number of Cardano delegators increased by about 30k since April to date.
On average, the Cardano network has registered about 1,600 new wallet addresses per day since April this year. Notably, June 10 was the best day with the biggest amount of new wallet addresses created, recording about 4k, whilst July 18 was the worst-performing day with only one new wallet registered in the network.
ADA Market Outlook and Price Action
After suffering heavy losses during the 2022 crypto bear market, Cardano (ADA) has stabilized YTD with a notable support level of around 25 cents. From the weekly perspective, the Cardano (ADA) price is retesting the same support level for the third time this year. With diminished losses and returns YTD, crypto experts believe Cardano’s price is well positioned to rebound towards its ATH again.
Moreover, the smart contract-based altcoin has seen increased adoption and use cases in the past few months. However, it could turn catastrophic if the Cardano (ADA) bulls fail to hold onto the support level of around 25 cents. Arguably, Cardano price is more likely to hold on to the support level of around 25 cents if Bitcoin price does not revisit its bear market lows or falls below. Moreover, the altcoin market is still highly dependent on the Bitcoin price action due to liquidity issues.
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