Main navigation

Cardano (ADA) up 52% MTD, Here Are Two Crucial Factors That Triggered Price

Tue, 01/31/2023 - 15:43
article image
Godfrey Benjamin
Cardano dApp transaction count is major trigger for its positive monthly price growth
Cardano (ADA) up 52% MTD, Here Are Two Crucial Factors That Triggered Price
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

The Cardano ecosystem has continued to showcase impressive milestones as the protocol jostles to maintain its stance as the most vibrant Ethereum killer. While its current price action is bearish, down 1.20% over the past 24 hours, it is up by 52% in the month-to-date (MTD) period.

Cardano (ADA) has had a stellar month, with its growth notably one of its best in about 12 months. At its current price of $0.3761, Cardano is now down by 87.80% from its all-time high (ATH) of $3.10. In early January, this difference was above 95% as ADA took a major plunge from the aftermath of the collapse of the FTX derivatives exchange.

Cardano (ADA) Seeing Large Increase in Whale Transactions

The current momentum in the price of Cardano is being driven first by the anticipation and the eventual launch of the DJED stablecoin, the network's overcollateralized dollar-pegged token. The coin has been gaining traction with a series of yield protocols, including Muesliswap, already offering trading pairs for the coin.

Second Cardano trigger

Further major sentiment that is set to push Cardano to a higher growth path for January is the high transaction rate of its decentralized applications (dApps). According to Cardano tracker DApps on Cardano, the protocol just completed its latest Epoch 390, and the epoch closed with more than 200,000 transactions for all the dApps operating on the protocol.

When individually profiled,, a non-fungible token (NFT) protocol, recorded the highest number of transactions, at 102.6K for the epoch. The top five list comprised Minswap, Sundaeswap, Muesliswap and Explosif.

Cardano's Key Ecosystem Metric up 30% in 2023, Here's What You Should Know

The dApp activity on Cardano makes it evident that its smart contract function is working as efficiently as expected. The protocol has set a new pedestal and milestone to beat for the rest of the year, and many ecosystem users are optimistic, especially with the launch of the Sidechain Toolkit.

article image
About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.