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Cardano challenges the crypto market: over 1,000 new smart contracts in April

Tue 16 Apr 2024 ▪ 3 min of reading ▪ by Fenelon L.
Altcoins

Despite a bearish crypto market, Cardano (ADA), the 11th cryptocurrency by market capitalization, is experiencing significant growth in its Plutus V2 smart contracts. This advancement strengthens Cardano’s position as a major player among competing blockchain platforms.

La crypto Cardano et ses smart contracts

Growth of Plutus Smart Contracts

Smart contracts play a vital role in the deployment of decentralized applications (dApps) and automate transactions on the Cardano blockchain. The platform’s focus on enhancing its smart contract functionalities demonstrates its determination to stand out in a highly competitive environment.

According to data collected by Finbold on April 15, the total number of Plutus scripts on the Cardano network, including both V1 and V2 versions, has reached 41,743, which is an increase of nearly 3% since April 1st.

The Plutus V1 scripts grew by 0.15%, from 6,460 to 6,470, while Plutus V2 scripts jumped by 3.52%, from 34,072 to 35,273. In total, 1,211 new Plutus contracts were deployed during the month of April alone.

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Price Analysis and Outlook for Cardano

Despite the growth of its smart contracts, the price of Cardano (ADA) has recently experienced a setback, plunging below $0.4. This correction phase is part of a general downturn in the crypto market, which has lost over $200 billion in capitalization. In its wake, ADA has recorded a 20.08% drop over the past week and 32% over the past month.

However, the weekly chart shows signs of a potential recovery for Cardano. The 50-day moving average, currently rising and positioned below the price, could provide a crucial support level.

Moreover, ADA’s long-term trend is strengthening, with the 200-day moving average steadily increasing since September 2023, although the current price is below it.

The explosion of smart contracts on Cardano in April is a testament to the vitality of its ecosystem and its long-term potential, despite the current volatility of ADA’s price. With these promising developments, Cardano is asserting itself as a serious contender in the world of blockchain platforms.

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Fenelon L. avatar
Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.