Main navigation

Cardano Network Activity Spikes on FTX Crash, Here's Detailed Insight

Fri, 11/11/2022 - 11:45
article image
Gamza Khanzadaev
Cardano experiencing multi-month peak of network activity during FTX crash
Cardano Network Activity Spikes on FTX Crash, Here's Detailed Insight
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

According to Cardano Blockchain Insights, the Cardano network experienced a spike in activity on the day that major crypto exchange FTX went bust. Thus, the number of new addresses on the network reached 10,360 on Nov. 8, a record high in recent months, when the average was less than 1,500 per day.  Another crypto analytics portal, Santiment, estimates that the number of active addresses on the Cardano network increased by 16,927 between Nov. 8 and 9.

Among unusual changes was the increase in the number of transactions on the network that day, which had reached 391,805, about two and a half times the standard number.

Cardano Avoids FTX Tragedy Thanks to This

Cardano (ADA) price action

ADA's price behavior over the past three days since the hurricane of what was once one of the largest crypto exchanges can safely be described as quite encouraging.

Having lost about 22% in price from Nov. 8 to 9, ADA nevertheless beat BTC by 5% and ETH by 11%, and at one point even by 18%. Cardano's direct competitor, Solana, does not seem worth mentioning, for now at least, given that it has become a scapegoat and lost more than half of its value because of its association with Alameda and FTX.

ADA to USD by CoinMarketCap

By now, ADA has recovered 18%. As reported by U.Today, the fact that Cardano was little affected by the collapse of FTX could probably explain the absence of ADA on the infamous exchange's spot market.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.