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Cardano Is in Midst of Network Activity Bullrun and Daily Transactions, Here's Why

Tue, 10/25/2022 - 11:38
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Arman Shirinyan
Cardano's network activity is blossoming despite problematic position on market
Cardano Is in Midst of Network Activity Bullrun and Daily Transactions, Here's Why
Cover image via stock.adobe.com

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According to Cardano's on-chain metrics, the Ethereum competitor is currently going through a network activity and daily transaction bullrun despite the negative price performance of ADA we have been seeing on the market for the last 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.

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The number of transactions, average number of transactions per block and 24-hour addresses activity are all on the rise, seeming to be in an uptrend. Such a tendency 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 could not deliver NFT technologies during the bullrun on the cryptocurrency market, which is why the network missed that wave of new investors who were looking for short-term profit 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.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.