Bittime - While many other cryptocurrencies have surpassed previous highs, Cardano (ADA) has yet to break the $0.8 level this year. Even so, the development of the Cardano blockchain is quite interesting, its network activity has also recorded a new high in the last year.
This gives hope to investors. According to on-chain data, the number of active addresses on the Cardano network is surging. The number of monthly active addresses reached its highest point in the last year.
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Cardano Active Addresses at Highest Point in the Last Year!
Cardano's number of active addresses just hit its highest point in the past year, signaling huge network adoption and a potentially bright future. Based on data from Danogo, active addresses in the last 30 days reached 596,915 on March 11, the highest since May 2023.
Interestingly, this figure is almost double the 279,000 active addresses recorded in September 2023, the lowest monthly active address figure in the past year.
Active addresses are one of the important metrics to measure the level of cryptocurrency adoption. The increase in activity on the Cardano network and its ability to process multiple transactions is clear from various metrics.
Furthermore, data from Danogo shows that monthly active addresses began to spike sharply at the end of February after previously experiencing a decline in January.
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Similar data was shown by Cardano Blockchain Insights, which recorded daily active addresses stable above 50,000 since February 29. Active addresses in the last 24 hours reached 66,970.
Another activity metric from IntoTheBlock shows increased activity from Cardano whales. The large transactions metric, which measures transactions above $100,000, showed there were 6,810 whale transactions in the last 24 hours and a total value of $73.86 billion in the last seven days. In comparison, Ethereum's large transactions stood at $63.17 billion in the same period.
Apart from that, ADA ownership by whales has also increased drastically. It was recorded that there was an accumulation of around 60 million ADA on March 10.
Will ADA Break $1?
ADA's price is interesting to note, as its price has now more than tripled compared to its lowest price of $0.24 when the number of monthly active addresses was low in September. As of writing, ADA is trading at $0.7001, up 19.46% in the last 30 days.
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ADA has failed to pass the $0.8 level twice this month, but ADA is heading towards retesting that price level. If the positive trend continues (bullish), ADA has the potential to break through $1 for the first time since April 2022. Overall, crypto market sentiment is still bullish (optimistic), which could push ADA beyond $1 this month.
How to Buy Cardano (ADA) on Bittime
You can buy and sell Cardano (ADA) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Cardano (ADA) is available on Bittime with the ADA/IDR market pair. To be able to buy ADA IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Cardano (ADA) on Bittime.
Monitor the price chart movements of Cardano (ADA), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
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Cardano (ADA): Innovative Blockchain with Full Details
Can Cardano (ADA) Hit a New All Time High?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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