Cardano’s network activity is blossoming despite problematic position on market
According to Cardano’s on-chain metrics, the Ethereum competitor is currently undergoing a network activity and daily trading bullrun, although we have been seeing negative price performance for ADA over the past few weeks.
The daily transaction count on the network trends toward 100K at a blockchain load of 50%. The most likely reason behind an unexpected run in terms of network activity and daily transactions is the sudden recovery of the NFT industry that used to bring the major part of the transactional volume to networks like Ethereum.
Transaction count, average number of transactions per block, and 24-hour address activity are all rising, with what appears to be an uptrend. Such a trend is also a positive factor for ADA as an investment tool.
The fundamental growth of the network has always been a more important factor for digital assets in comparison to the short- or even midterm price performance on the market. During Ethereum’s activity rally, the price of the second biggest cryptocurrency on the market ran to the current all-time high of $4,850.
Unfortunately, Cardano developers were unable to deliver NFT technologies during the bull run in the cryptocurrency market, which is why the network missed the wave of new investors looking for short-term gains on the Ethereum and Solana networks.
Luckily, DeFi is gaining more traction on ADA, and it will most likely help it to attract a wave of mainstream investors in case of the recovery of the digital assets industry. As for now, Cardano’s underlying cryptocurrency, ADA, is changing hands on the market at $0.35 with a 0.64% price increase in the last 24 hours.
