/Cardano Adds 50,000 New Wallets As ADA Market Cap Surges

Cardano Adds 50,000 New Wallets As ADA Market Cap Surges

The Cardano ecosystem has the potential for further growth. The network has grown tremendously in various sectors, including decentralized finance (DeFi) and nonfungible tokens (NFTs). The blockchain has recorded massive adoption over the past months emerging as the third most active blockchain in development activity.

According to data from Cardano Blockchain Insights, this blockchain’s ecosystem has added more than 50,000 new wallets since the beginning of the year. From 3,842,867 recorded on January 1 to 3,894,735 wallets registered as of January 25, a total of 51,868 wallets were added to the network. 

Cardano wallets | Source: Cardano Blockchain Insights
Cardano wallets. Source: Cardano Blockchain Insights

In the past 25 days, an average of 2,075 new wallets have been created daily, indicating a rising interest and activity from potential new investors on the Cardano blockchain.

ADA Market Cap Surges Nearly 50%

Following the increasing interest from potential buyers, Cardano’s (ADA) market capitalization has recorded new monthly highs. From the $8.48 billion seen late last year, the ADA market cap has surged to over $13 billion, up by 43% in the previous 30 days. 

The asset has gained traction and recognition from notable firms. Earlier this week, crypto analytics platform StockTwits ranked ADA as the most trending cryptocurrency, surpassing Bitcoin (BTC), which attained the second position below ADA.

CoinGecko and Coinmarketcap have ranked ADA as eighth regarding top cryptocurrencies with the highest market capitalization. Alongside its cryptocurrency market cap surge, ADA has also rallied in the past weeks, appearing among the top gainers among cryptocurrencies with large market caps.

ADA price chart on TradingView
ADA price is moving sideways on the 4-hour chart. Source: ADA/USDT on TradingView.com

Over the past 30 days, ADA has surged from the $0.25 price tag seen late last year to above $0.35 at the time of writing. Its trading volume has also changed significantly from $161 million recorded at the beginning of the year to $489 million in the last 24 hours. 

Cardano’s Most Anticipated Catalyst

Though ADA’s recent rally seems based on the crypto market’s ubiquitous bullish trend, a catalyst such as the Djed stablecoin could also be a part of the asset’s increasing attraction. Djed is Cardano’s first ADA-backed stablecoin powered by COTI Network. It is an over-collateralized stablecoin with a collateral rate between 400%-800%, according to the description on adapulse.io.

Although it’ll be launched soon, Djed has received a lot of interest from non-ADA investors and potential Cardano buyers. Rick McCracken, a Cardano supporter, and owner of the ADA staking pool, DIGI, celebrated and confirmed the launch of Djed on mainnet.

Featured image from Bitcoinist, chart from TradingView.com