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Despite most other cryptocurrencies surpassing their old price levels, Cardano has not yet reached $0.8 this year. Even though there have been some exciting developments on the blockchain, its price movement has been somewhat behind compared to other cryptocurrencies. Nevertheless, Cardano continues to offer hope to its investors as activities on the network are rapidly increasing.
Cardano Network’s Active Addresses on the Rise
According to on-chain data, the number of active addresses on the Cardano network is increasing, and the monthly active address count has reached last year’s highest level. The monthly active address count for Cardano indicates widespread acceptance of the network and suggests the potential for significant developments in the future. Data from Danogo shows that the number of active addresses in the last 30 days reached 596,915 on March 11, marking the highest level since May 2023.
Interestingly, this figure is nearly double the 279,000 active addresses recorded in September 2023, which was the lowest monthly active address count of that year. Active addresses are an important metric for measuring the adoption rate of cryptocurrencies. In particular, various measures indicate an increase in activities and transaction capacity on the Cardano network.
Sharp Increase in February
Graphical data provided by Danogo shows that after a decline in January, the number of monthly active addresses surged towards the end of February. Data from Cardano Blockchain Insights shows a similar upward trend with active daily addresses remaining above 50,000 since February 29. The number of active addresses in the last 24 hours is 66,970.
Another activity metric, provided by IntoTheBlock, shows an increase in activity among Cardano whales. The company’s large transaction metric, which tracks transactions over $100,000, has increased the number of whale transactions to 6,810 in the last 24 hours and to $73.86 billion over the past seven days. For comparison, Ethereum‘s large transactions in the same time frame amounted to $63.17 billion.
The top 1% supply also shows a strong accumulation by whales, reaching approximately 60 million ADA on March 10.
Will ADA Reclaim the $1 Mark?
ADA has more than tripled from the price of $0.24, which was the lowest monthly active address count in September. At the time of writing, ADA is trading at $0.79, up 42% in the last 30 days.
ADA has been rejected twice this month at $0.8, but it is now on its way to retesting this price level. If bulls can push ADA above $0.8, the cryptocurrency could reach $1 for the first time since April 2022. Overall, the cryptocurrency market continues to show an upward trend. This optimism could carry ADA coin above $1 this month.
