Cardano (ADA) surged more than 25% over the past week following a brutal meltdown, last year. On-chain analytics platform Santiment suggested the recent rally is due to an upswing in trading volumes as well as new address holders.
Cryptocurrencies have seemed to have fired up since the onset of the new year. However, the digital assets sector continues to remain at the mercy of macroeconomic headwinds which is unlikely to stabilize any time soon. After dealing a significant financial blow in 2022, the crypto space hopes for a strong rebound this year as new regulations come into force, making it more secure. In addition, experts also hope for a strong uptick in crypto sub-ecosystems such as non-fungible tokens (NFT) and metaverse.
Bitcoin (BTC) made a sharp rebound claiming $17,000 following a US job report which came in rosier-than-expected for December easing rate hike worries among investors. Ethereum (ETH) along with major cryptocurrencies witnessed a strong correction. Meanwhile, Solana (SOL) and Cardano (ADA) increased significantly in the last seven days.
ADA Trading Volume Hits 2 Month High
📈 #Cardano has now jumped an impressive +30% since December 30th. Since the start of the rally, 28 new addresses have popped up on the network that hold 1M or more $ADA. Trading volume has hit a 2-month high, including increasing large whale transactions. https://t.co/6Zli0Q9IcI pic.twitter.com/GgEVOzXOF8
— Santiment (@santimentfeed) January 9, 2023
According to CoinMarketCap, Cardano (ADA) has jumped more than 25% over the past one week to currently trade at $0.31. On January 10, Santiment took to Twitter to reveal that the recent rally appears to be linked to an uptick in trading volumes as well as new address holders. The analytics firm further indicated that 28 unique addresses have popped up on the network with over 1 million ADA stored. Santiment wrote,
“Cardano has now jumped an impressive +30% since December 30th. Since the start of the rally, 28 new addresses have popped up on the network that hold 1M or more ADA. Trading volume has hit a 2-month high, including increasing large whale transactions.”
DeFi Activity on Cardano Booms
UNIQUE ACCOUNT GROWTH ON CARDANO DAPPS
The chart below showed the growth of the unique accounts in terms of Dapps on Cardano. According to the statistics, @GeniusyieldO has witnessed a remarkable growth – 2810% growth, having 1.7K Unique accounts.
#cardano #account #growth pic.twitter.com/eue0qZ8yPS
— Cardano Daily (@cardano_daily) January 9, 2023
In addition, Cardano decentralized applications have also witnessed a notable surge in the number of unique accounts. This indicates an increase in Cardano adoption and decentralized finance (DeFi) activity. As per a tweet from Cardano Daily, DApps like Genius Yield have seen a whopping 2810% growth in unique accounts in the last 5 days.
Meanwhile, several crypto experts believe the underlying fundamentals of the Cardano network along with a considerable increase in the stablecoins, NFTs, and DeFi sectors will help ADA prices to go up this year.