It was now cruising along the immediate support area, failing to hold which may trigger a drawdown to $0.68-level. The crypto-asset was down by well over 70% from its all-time high of $3.1.ĬryptoPotato earlier reported that ADA had lost the psychological critical support level of $1 and has so far failed to reclaim it. According to IntoTheBlock, more than 92% of ADA holders were in loss. The asset has been downhill for months.Īfter suffering fresh daily losses of 13% now, ADA trades around $0.85. Recently, the search engine giant, Google, added ADA to its currency conversion rate calculator, enabling users to convert the crypto to several fiat currencies, such as USD, GBP, EUR, etc.ĭespite the significant recognition and a renewed turnaround in Cardano’s network activity, ADA’s price did not undergo any improvement. Cardano Blockchain Insights February 21, 2022 Historically speaking this is a lot and clearly there is a lot of chain activity. Since 1st January Cardano Blockchain grew by about 13 GB. But since the beginning of 2022, the network has reportedly risen by approximately 13 GB, further demonstrating the growing chain activity. Crypto Analyst Ali Martinez believes that a sustained increase in this metric typically precedes a spike in price volatility for ADA.Ĭardano has been at the receiving end of criticisms when it comes to implementing new features and functions into its codebase. Over the same period, the transaction volumes for Ethereum and Litecoin networks were at $5.25 billion and $7.20 billion, respectively.Īs depicted on the stats by the prominent crypto analytic company IntoTheBlock, the number of new daily addresses being created on the network has seen two major upticks in the last two weeks. However, Cardano is now ranked second in terms of daily estimated on-chain transaction volume, while Bitcoin tops the chart with a massive $39.3 billion. Cardano Transactions In Cardano transactions, the fees paid are very low, calculated according to a formula to prevent DDoS attacks and respecting the parameters related to the cost per byte of memories, how many transactions can be processed per second, how big a transaction must be and how much it costs to start a node of the network. Notably, the network hasn’t seen much success in the last five months despite several key updates. It is still far from the peak volume of $138 billion established in the first week of September last year. Cardano’s On-chain ActivityĪccording to the data curated by Messari, over the past day, the Cardano blockchain registered a transaction volume of a whopping $17.04 billion. The Cardano network is now in the second position to Bitcoin, thereby outpacing both Litecoin as well as its rival smart contract platform Ethereum in terms of 24-hour transaction volume.
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