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With the larger part of the cryptocurrency market getting a breather after a bearish period that followed exceptional price increases, Cardano (ADA) is recording growth in other areas, particularly the number of smart contracts on its network since the year’s turn.
As it happens, the number of Plutus scripts on the Cardano network, including Plutus V1 and Plutus V2, has reached the figure of 39,032 on March 19, which is an impressive feat and a 171.45% increase, considering that the number of Cardano smart contracts on January 1 stood at 14,379.
Cardano smart contracts growth. Source: Cardano Blockchain Insights
Specifically, these figures account for Plutus V1 scripts currently amounting to 6,439 (an increase of 2.27% from the 6,296 on January 1) and the number of Plutus V2 scripts standing at 32,593 (an increase of 303.23% from 8,083), as per the data retrieved on March 20.
Cardano price 30-day chart. Source: Finbold
It is also worth noting that crypto trading expert Ali Martinez recently highlighted that Cardano was imitating its 2018-2021 pattern, which suggests a consolidation in the $0.55-$0.80 range, followed by a surge to $1.70, another period of further consolidation, and a breakout to $5.
Cardano price action analysis. Source: Ali Martinez
Elsewhere, several finance experts have predicted that the eighth-largest crypto asset by market capitalization could continue to grow its price in 2024, with their predictions ranging between $0.945 at the lower end and a very optimistic $11 by the end of 2024.
At the same time, artificial intelligence (AI) and machine learning platforms have set the Cardano price prediction targets between $1.26 at their most pessimistic and $8 according to their most bullish forecasts, as Finbold reported earlier on March 20.
All things considered, the token’s ecosystem has witnessed substantial growth that could create positive sentiment around it and push its price upward. However, things in this sector can change on a whim, so keeping up with the Cardano news and doing one’s own research is crucial.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
