Top Analyst Reveals Crucial Levels Cardano (ADA) Must Maintain To Sustain Bullish Momentum
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Cardano (ADA), the 6th largest cryptocurrency by market capitalization, has been in a notable performance since the beginning of the year.

This exponential surge in price has positively impacted the growth of Cardano (ADA) across the board. This has also been boosting the number of ADA’s active addresses and transactions since the start of 2021.

Read Also: What Charles Hoskinson Said When Asked If Cardano (ADA) Is Sold As Ripple Sells XRP to Finance Operations

Cardano’s Exponential Surge in Active Addresses and Transaction

According to the data provided by a crypto analytical platform, Coinmetrics, the number of Cardano’s active addresses between 1st January and 28th April 2021 has surged 417.81%, which represents a vast increase in investors’ interest.

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Within the same period, there has also been a massive surge in the number of Cardano (ADA) transactions. According to Coinmetrics, ADA’s transaction count has experienced a 382.84% increase.

Cardano Active Addresses Surges 417.81% as ADA Transaction Count Gains 382.84% Year-To-Date
Coinmetrics data

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Cardano Blockchain Keeps Gaining Traction

Over the past couple of months, the Cardano blockchain has been gaining traction massively, which has resulted in an increase in its user base.

In 2021 alone, Cardano surged over 650% in terms of market price, pushing ADA to record an all-time high around $1.5.

Many members of the crypto community believe that the implementation of smart contracts on Cardano will be significant for the growth of the network and its native token ADA.

A few days ago, during an interview with Forbes, the CEO of IOG, Charles Hoskinson, also reiterated the significance of smart contracts to the continued growth of the Cardano ecosystem.

In the course of the interview, Hoskinson revealed the mind-blowing increase in the number of tokens issued on Cardano. He said over 10,000 tokens have already been issued on the network, accruing relatively 20,000 participants.

Read Also: Cardano Beats Ethereum, Polkadot to Top Blockchain with Highest Development Activity on Github

The mathematician added that smart contracts functionality on Cardano will create a clear path to the commercialization of the already existing tokens:

“There are more than 10,000 tokens issued on Cardano in just a month, which is mind-blowing. And in the next few months, we are turning on smart contracts. The last mile from there—we will be turning on all the governance components.

“We already have 20,000 people participating with them, but they’re running as a side chain, so some of those things need to be linked to the main network. Once those things are turned on, commercialization of the platform is already underway.

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Tobi Loba

By Tobi Loba

Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.