The Cardano ecosystem continues to expand rapidly. This blockchain is used to deploy projects representing the decentralized finance (DeFi) and non-fungible token (NFT) markets.
Cardano is the second largest network used by app developers.
Since the beginning of January 2023, over 50,000 new addresses have registered on the network, according to Cardano Blockchain Insights.
If at the end of last year 3,842,867 wallets were placed on the blockchain, by January 25 this number reached 3,894,735.
From January 1 to January 25, on average, the network registered 2075 addresses daily. Over the month, the capitalization of the underlying asset of the ecosystem, the altcoin ADA, increased by 40% from $8.48 billion to $13 billion.
The ADA exchange rate on Friday night strengthened by 2% to $0.379, its value increased by more than 17% in two weeks.
One of the factors driving the growth of ADA is the upcoming launch of the DJED stablecoin on the Cardano blockchain. In addition, the cryptocurrency is gaining against the backdrop of developers’ statements about new network updates, due to which its throughput will greatly increase.
Altcoin is in the overbought zone, the RSI index hints at an imminent rollback of ADA.
The nearest cryptocurrency support zone has formed at $0.36. Most likely, the coin will return to it in the coming days, analysts predict.