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Cardano Added 50K New Wallets YTD, Is ADA Price Set to Take Off?

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Fri, 27/01/2023 - 13:50
Cardano Added 50K New Wallets YTD, Is ADA Price Set to Take Off?
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The Cardano (ADA) protocol has inked a new commendable milestone as the total wallets on the protocol grew by more than 50,000 since the beginning of the year. Taking to Twitter, Cardano Ecosystem Ambassador Yevhen shared statistics pointing out that the total wallets on the protocol grew from 3,842,867 recorded on Jan. 1 to 3,894,735 wallets registered as of Jan. 25.

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Cardano notably started the year with a very promising roadmap of events that was billed to fuel rapid growth in the usage of the protocol as well as in the developer count.

The efforts of Input Output Global seem to be paying off as increased demand and activity on the protocol has pushed up the market capitalization of ADA from $8.48 billion seen late last year to more than $13 billion today, growth that represents a 43% jump.

The increasing activities on the Cardano protocol are bound to stir the continuous embrace of the ADA, which in turn might fuel growth in the price of the coin. ADA is changing hands at $0.3759, up by 11.06% over the trailing seven-day period and by more than 40% year to date.

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Cardano's traction gaining recognition

The growth of the Cardano protocol is now being recognized by mainstream industry leaders. Just this week, StockTwits ranked Cardano as the most trending cryptocurrency, surpassing Bitcoin (BTC), which took the second position.

Cardano launched its Sidechain Toolkit earlier this week as it looks to empower developers to build their other blockchain protocols with similar or different consensus algorithms from the parent Cardano chain while leveraging the protocol's security. Besides this, a hint to the launch date of the Djed stablecoin has also been unveiled, a token that will expand the utility that users of the protocol can gain exposure to this year.

With a hoard of new features making their way to the Cardano ecosystem, the coin may just be on the verge of breaking out in the short term.

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