Oct 12, 2024
6thTrade
Cardano, currently ranked as the eleventh-largest cryptocurrency by market capitalization, has experienced a notable price surge of nearly 5% over the past 24 hours. This increase comes as Bitcoin, the leading cryptocurrency, regained momentum, trading above the $61,000 mark on Friday.
The cryptocurrency market as a whole has been under pressure recently, especially following the release of a U.S. Consumer Price Index (CPI) report for September. The report revealed higher-than-anticipated inflation levels, which dampened market expectations for a potential 50 basis-point interest rate cut by the Federal Reserve in the upcoming month. Consequently, Bitcoin's value briefly dipped below $59,000, while Cardano dropped to a low of $0.331 during Thursday’s trading session. This decline followed three consecutive days of losses, before Cardano showed signs of recovery. $ADA
In the last 24 hours, Cardano (ADA) has rebounded to $0.348, marking a 4.10% increase. This price recovery was accompanied by a surge in large transaction volumes, indicating increased activity from institutional players, or "whales," in the market. Data from IntoTheBlock estimates these transactions amounted to a staggering $5.8 billion in value, equating to around 17.23 billion ADA tokens changing hands in just one day.
Growth in the Cardano Ecosystem
The Cardano ecosystem continues to expand, reflecting ongoing development efforts and a growing user base. This past week, Input Output Global (IOG), the company behind Cardano, released some exciting growth metrics for September.
As of September 27, there were 1,376 active projects built on the Cardano blockchain. During the same period, the number of delegated wallets increased by 1,000, showing steady growth in user engagement. Cardano’s smart contract platform, Plutus, saw a jump of 13,611 new scripts, bringing the total to 88,340. Additionally, the blockchain recorded a rise in the issuance of token policies by 13,064, while the number of native tokens expanded by a remarkable 80,000.
September was also a strong month for transactional activity on the Cardano network, which grew by 1.34 million transactions. Technical advancements were highlighted by the release of Node version 9.2.0, which included significant performance enhancements and bug fixes. Following this, a minor update, Node v.9.2.1, was introduced to improve the efficiency of certificate validation.
The latest iteration of Cardano’s wallet, Lace v.1.16, also debuted last month, offering improved wallet functionality. The update brought with it faster multi-delegation address management and enhanced message-signing capabilities. Meanwhile, Cardano’s Hydra team launched version 0.19.0, which updated the ledger to support the Conway era while remaining compatible with Babbage-era transactions.
With this rapid expansion, Cardano is well-positioned for further development and adoption, showcasing its potential as a prominent player in the cryptocurrency space.
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Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.
