Cardano Records Massive Network Growth in 2021 as ADA Wallets Jump by 1,200% YTD

Updated:

The Cardano (ADA) blockchain recorded a significant growth this year, which is observable from the boom recorded in the total number of wallets holding ADA.

According to new data from Cardano Foundation, the ADA wallet count has grown by over 1,200% in a year, from 190K wallets in Christmas 2020 to 2.5 million wallets today.

The meteoric growth comes following several network upgrades this year, with ADA becoming the sixth-largest cryptocurrency by market valuation. The upgrades served as confidence boosters for investors, which boosted network adoption in turn. Meanwhile, ADA has rallied by over 870% over the past year.

Interestingly, the massive growth comes after the Foundation declared to build the Cardano community earlier in the year. The surge in wallets also indicated that the majority of ADA holders are retail investors holding small amounts of coins as the blockchain advances towards perfect decentralization.

Finally, the launch of decentralized exchanges on the Cardano blockchain also catalyzed the increase in ADA wallets. Worth mentioning is that the network attracted many Ethereum users looking for blockchain alternatives with cheaper network fees.

This year, Cardano joined the list of one of the top alternatives to Ethereum following the launch of the Alonzo upgrade, which allowed for Smart Contracts.

Key Cardano Levels to Watch — December 24

ADA, and most of the crypto market, recorded a sharp recovery this week, as the sixth-largest cryptocurrency breached the $1.445 barrier for the first time since early December and peaked near $1.500.

ADAUSD – 4-Hour Chart on Binance. Source: TradingView

That said, ADA now clings to the $1.445 line as bulls run out of steam ahead of Christmas celebrations. The cryptocurrency receives additional support from the 4-hour 200 SMA at the $1.445 line. ADA needs to hold this line over the coming days to jumpstart the bullish momentum again.

Additionally, a break above the $1.500 barrier should cement a rebound above the mid-level of my descending channel, which should put the cryptocurrency back on track to $2.

Meanwhile, our resistance levels are $1.500, $1.550, and $1.600, and our support levels are $1.400, $1.350, and $1.300.

Total Market Capitalization: $2.37 trillion

Cardano Market Capitalization: $48.3 billion

Cardano Dominance: 2.03%

Market Rank: #6

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.