ICardano Records Massive Network Growth ngo-2021 njenge-ADA Wallets Tsiba nge-1,200% YTD

UAzeez Mustapha

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The ICardano (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.

Amanqanaba eCardano angundoqo aza kuBukelwa - ngoDisemba 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.

I-ADAUSD - Itshathi yeeyure ezi-4 kwiBinance. Umthombo: 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.

Okwangoku, amanqanaba ethu oxhathiso ayi- $ 1.500, i- $ 1.550, kunye ne- $ 1.600, kwaye amanqanaba enkxaso ayi- $ 1.400, $ 1.350, kunye ne- $ 1.300.

Imali iyonke yentengiso: $ 2.37 zezigidi

Imali eyintloko yentengiso yeCardano: $ 48.3 billion

ICardano Dominance: 2.03%

Inqanaba lentengiso: #6

 

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UAzeez Mustapha

U-Azeez Mustapha yingcali kwezorhwebo, umhlalutyi wemali, umhleli weempawu, kunye nomphathi wezezimali ngaphezulu kweminyaka elishumi yamava kwicandelo lezemali. Njengombhali webhlog kunye nombhali wezemali, unceda abatyali mali baqonde iikhonsepthi ezintsonkothileyo zemali, ukuphucula izakhono zabo zotyalo-mali, kunye nokufunda ukulawula imali yabo.

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