Crypto: Cardano breaks records with on-chain transactions

Tue 05 Sep 2023 ▪ 3 min of reading ▪ by Eddy S.

The crypto market isn’t having the best of times, but Cardano still manages to stand out. While most assets are going through an inglorious period, ADA is catching analysts’ eyes with an impressive increase in On-chain trading volume.

cardano crypto

In brief:

  • On-chain trading volume explodes on Cardano
  • ADA crypto demonstrates real-world application and long-term sustainability
  • Cardano’s price outlook remains bearish in spite of everything

Cardano is an open-source blockchain that doesn’t always get everyone on board. Between booms and busts, predictions are rife. While some believe the native crypto will soon overtake bitcoin (BTC), others remain skeptical. However, it never ceases to surprise investors. While ADA was falling, its price is rising again after a remarkable feat.

According to Santiment data, the volume of on-chain transactions has increased considerably on the blockchain platform. And while its market value is a long way from April’s highs, it is giving renewed hope. The continued growth of on-chain transactions suggests an increase in utility.

So, despite the mediocre performance of crypto markets, Cardano is doing rather well. Since utility determines the value of a cryptocurrency, this suggests a robust network with steady activity. However, this rise could also herald a rebound in the ecosystem.

Towards a sudden surge in crypto prices?

Cardano, like most crypto assets, is facing accusations from the SEC. The regulator won’t budge and has cryptos in its crosshairs. However, the increasing volume of on-chain transactions on blockchain suggests a better outlook for the future.

However, this is unlikely to happen in the short term. Currently, the asset price is up 0.7% in dollar terms and 0.4% against the price of bitcoin (BTC). Although the indicators are in the green, the outlook for the ADA price is bearish, as it is struggling to break through resistance at $0.2527. As a result, rising trading volume does not necessarily guarantee a price surge.

Cardano (ADA) is surprising crypto analysts with its rising blockchain trading volume. However, this in no way suggests a price rebound. Given the market’s volatility, it’s highly likely that the downtrend will continue for some time to come.

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Eddy S. avatar
Eddy S.

Le monde évolue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m'intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l'optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.


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.