Cardano Sees Impressive Numbers in the Third Quarter: Analysis Report - COINTURK NEWS
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Cardano Sees Impressive Numbers in the Third Quarter: Analysis Report

8:38 am (34 days ago)
October 31, 2023

According to the recent report by crypto research and analysis firm Messari, popular altcoin Cardano (ADA) has once again seen impressive numbers in the third quarter of this year. Here are the figures recorded for Cardano and ADA in the third quarter.

Cardano in the Third Quarter: By the Numbers

According to Messari’s report, the network’s stablecoin value increased by 16% quarter over quarter and by 461% since the beginning of the year. The report shows that the stablecoin rally was initially triggered by iUSD but gained momentum with the release of bridged versions of USDT and USDC by protocols like Wanchain.

In addition to stablecoins, Cardano has also seen significant growth in the total value locked (TVL) of decentralized finance (DeFi) assets in the third quarter. This metric increased by 198% compared to the previous quarter, elevating the network’s TVL rankings from 34th to 15th.

Cardano’s growth is further strengthened by the average daily active wallet addresses, which reached 41,137, and the recorded average daily transactions, which reached 60,356 for the quarter. Other important metrics such as average daily decentralized application (dApp) transactions and average daily NFT transaction volume also recorded impressive figures of 49,388 and $0.6 million, respectively.

Another notable development for Cardano in the third quarter is ecosystem activity. Firstly, Project Catalyst Fund 10 was completed with a total of 192 projects funded from a dedicated pool of 50 million ADA. Additionally, the Mithril update was released during the quarter, with several impressive updates according to Input Output Global’s weekly performance update.

ADA Price Analysis

The Messari report also focused on Cardano’s price movement in the third quarter. According to the report, ADA’s average price decreased from $0.28 recorded in the second quarter to $0.25. The circulating market cap also increased by 9.6% to $8.7 billion.

At the time of writing, Cardano is trading at $0.3006, with a 1.30% increase in the last 24 hours. Cardano has benefited from the recent market rally and has seen an 18.30% price increase in the past month.

The impressive figures revealed by Messari and ongoing development efforts in the Cardano ecosystem suggest that these fundamentals could impact the price, potentially leading to a recovery of ADA’s price to $0.4 in the short to medium term. This would mark the highest price level since April.

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