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With the majority of assets in the cryptocurrency market appearing to resume their increases after a brief trend reversal, Cardano (ADA) is no exception, and the eighth-largest crypto by market capitalization is also recording steady growth elsewhere – in the number of crypto wallets on its blockchain.
Specifically, the number of wallets on the Cardano network reached 4,651,150 on March 20, which represents an increase of 3.75% from the figure of 4,483,116 where it stood on January 1, according to the Cardano Blockchain Insights data retrieved on March 21.
Cardano wallet growth in 2024. Source: Cardano Blockchain Insights
New ADA wallets added per day. Source: Cardano Blockchain Insights
Elsewhere, it is also worth mentioning that the Cardano network has this year become richer by about 40,000 new smart contracts, including Plutus V1 and Plutus V2 scripts, or by about 495 contracts created per day on average since January 1, as Finbold reported earlier on March 20.
Meanwhile, the native token of the Cardano platform was at press time changing hands at the price of $0.63465, which represents an increase of 1.76% in the last 24 hours, a 19.86% decline across the previous seven days, and a 1.76% gain on its monthly chart.
Cardano price 30-day chart. Source: Finbold
It is also worth adding that crypto trading expert Ali Martinez has recently observed that the Cardano price was making similar movements as in the period 2018-2021, suggesting a consolidation in the $0.55-$0.80 range, followed by a surge to $1.70, more correction, and then a breakout to $5.
Cardano price action analysis. Source: Ali Martinez
On top of that, multiple finance experts have predicted that ADA would continue to grow in 2024, their projections seeing it hit the price in the possible range between $0.945 and a very bullish $11 by the year’s turn, while artificial intelligence (AI) platforms see it reach between $1.26 and $8.
Ultimately, Cardano’s ecosystem has witnessed significant growth in 2024, continuing the trend from the years before, bringing in new users and creating positive sentiment around its native token that could affect its price. However, caution and keeping up with Cardano news are critical before investing.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
