14 March 2024
Cardano is yet to venture into the $0.8 price level this year, despite most cryptocurrencies breaking past old price levels. Although the blockchain has seen some exciting developments, the price action has been a little bit behind when compared to its peers. However, Cardano continues to give investors a glimmer of hope, as activity keeps soaring to new highs.
On-chain data shows that the active addresses on the Cardano network are spiking, with the monthly active count reaching its highest in the past year.
Monthly Cardano Active Addresses Hit One-Year High
Cardano’s active address count just hit a one-year high, signaling major network adoption and hinting at big things to come. According to data from Danogo, the active addresses in the past 30 days reached 596,915 on March 11, its highest since May 2023.
Interestingly, this number almost doubles the 279,000 active addresses recorded in September 2023, the lowest monthly active addresses in the past year.
Active addresses are one of the few metrics to look at when measuring the adoption rate of cryptocurrencies. Notably, various metrics have shown a surge in activity on the Cardano network and its ability to process a high number of transactions.
A further look at the chart data presented by Danogo shows that the monthly active addresses reversed to start a spike at the end of February after going on a free fall in January.
Data from Cardano Blockchain Insights tells a similar tale of increased activity, with the active daily addresses steadying above 50,000 since February 29. Active addresses in the past 24 hours were 66,970.
A similar activity metric from IntoTheBlock shows increased activity from Cardano whales. Its large transaction metric, which measures transactions greater than $100,000, puts the number of whale transactions at 6,810 in the past 24 hours and $73.86 billion in the past seven days. For comparison, Ethereum’s large transactions stand at $63.17 billion in the same time frame.
The supply in the top 1% has also shown a strong accumulation from whales, spiking by around 60 million ADA on March 10.
ADA To Reclaim $1?
Interestingly, ADA has more than tripled from a $0.24 price in the monthly active addresses low in September. At the time of writing, ADA is trading at $0.79, up by 42% in the past 30 days.
ADA has been rejected at $0.8 twice this month already, but it is now on its way to retesting the price level again. If the bulls can push ADA above $0.8, this could give the cryptocurrency free rein to reach $1 for the first time since April 2022. Overall, the overall crypto market continues to retain a bullish sentiment, which could push ADA above $1 this month.