Cardano Active Addresses Shoots To New Highs Amid Downtrend
30 November 2021 - 10:00AM
NEWSBTC
Cardano has recorded a significant uptick in active addresses in
recent days. This comes despite the negative news that has
surrounded the digital asset following news of mid-sized crypto
exchange eToro demising the altcoin for U.S. users. This has sent
the price of the asset barreling downwards towards points that had
not been touched in the past three months. The downtrend in the
cryptocurrency had opened up an opportunity for investors to snatch
up ADA at discounted prices before the expected bounce back. In
addition to expected releases of decentralized applications (DApps)
on the blockchain, activity has ramped up among investors. Related
Reading | Cardano Founder Addresses Liquidity Concerns Over
eToro Delisting Active Cardano Addresses Hits New High Activity on
Cardano has gone up significantly in just the past few weeks,
showing an inversely correlated pattern with the price of the
digital asset. The number of active addresses had maintained just a
little above 200K as the peak for most of the year. However, this
changed in the fourth quarter of the year. As the price of ADA had
taken hit after hit in the market, the number of active addresses
had shot up in the meantime. Towards the end of November, this
number had surged drastically as the number grew about 80% from its
previous all-time high. Cardano active addresses hits new all-time
high | Source: IntoTheBlock The number had hit its highest point
back in October when the number of active Cardano addresses broke
towards 250,000. Then in mid-November, the number had broken
through 250,000 but had subsequently declined. The recovery from
this point would prove to be even more momentum as the number of
active addresses had broken above 400,000 for the first time ever.
Number Of New Addresses Surge Active addresses were not the only
metric that saw a significant uptick. Data from IntoTheBlock shows
that Cardano also saw an increase in the number of new wallets on
the blockchain. It followed basically the same pattern as the
number of active addresses, maintaining a strong correlation all
through October and November. Related Reading | Cardano
Increases Block Size By 12.5%, What This Means Over 100,000 new
wallet addresses were added to the Cardano network in the month of
November, eventually peaking at approximately 300,000. A
significant percentage of these new addresses were added after the
price of the digital asset had dropped below $2. ADA falls to
three-month low | Source: ADAUSD on TradingView.com Despite the
price of ADA suffering, adoption has not slowed down on the
network. Investors have always been vocal about their investments
being towards the future of the project and not for the short-term
and have demonstrated this in the past week. Featured image from
Finbold, chart from TradingView.com
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