2022 is a changing year for the cryptocurrency market as a whole, including Cardano (ADA), in terms of value. Although the price of Cardano (ADA) rose around 7% in one day, the market value for ADA reached almost $250 million in the last 24 hours. This is because the project attracted a lot of development work last year and whales who bought large ADAs.
Also, Cardano resumed testing of its stablecoin DJED with new features, and according to statistics from Cardano Blockchain Insights, the number of Plutus Scripts (a Cardano based smart contract platform) grew rapidly, reaching 4,445. December 11. Cardano founder Charles Hoskinson first gave an update on the development of the company’s new privacy-focused blockchain, Midnight, which aims to address the privacy issue of smart contracts by creating a system for privacy.
Despite a difficult year for prices, Cardano managed to increase the number of new cryptocurrency wallets, adding more than 22,000 new staking addresses per month for 13 months. Although the technical opinion for 1-week gauges is negative, consumers can increase the long-term if they consider the changes of the network. In fact, more than 20,000 new staking addresses have been added to Cardano on average every month for more than a year.
Also, despite the failure of FTX, the growth of Cardano wallets increased and added 30,000 wallets in one week. Also, an increase of more than 300% was observed in the number of smart contracts of Cardano, which for the first time exceeded 4,000. According to CryptoCompare, the product increased the average daily active user of the platform. Cardano’s total daily active users increased by 15.6% last month to 75,800, the highest number since May.
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Cardano’s Vasil Mainnet Upgrade and Improved Blockchain Scalability Now Live
After several delays, Cardano’s Vasil mainnet upgrade, which promises to increase network capacity and improve blockchain scalability, was released on September 22. The same was first announced via a tweet from the Cardano Foundation. On September 27, all of Vasil’s powers became available. In addition, the Cardano blockchain has enabled the Plutus V2 pricing model, resulting in lower transaction costs for smart contracts.
These changes are expected to increase the effectiveness of the ADA. However, at the time of going to press, that has not happened. This is due to the lack of financial policy in the world, said Andy Lian, chief digital consultant at the Mongolian Productivity Organization.
Interestingly, ADA outperforms Bitcoin and Ethereum in terms of performance, appreciating by 1100%. Cardano (ADA) is a new coin. It’s still a network with a lot of potential. Thanks to its flexibility, the money transfer system develops without any problems in 2022, despite the global crypto crisis.
Cardano’s ADA hit a bull market in 2021. The price of ADA reached more than $3 in September 2021. As a result, the price was forced to take another loss. Before the start of the big bear market, these losses occurred between September and November 2021.
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Cardano Suffers Losses Despite Strong Base, with Price Forecast Remaining Optimistic
The last few months have seen huge losses for Cardano. As of September 2021, the ADA has lost most of its benefits. Initially, the price has increased significantly following the creation of a smart contract on the Cardano blockchain at the time. As a result, the price of ADA could rise significantly to $3.
Backed by long-term investors, ADA has suffered for most of 2022 and is down more than 80% since the start of the year when it was trading at $2.28. Although ADA, along with many other crypto markets, had a negative performance in September, a significant improvement in the strong base indicates that it may be at the end of the boom in October.
Historically, this has been the best month for cryptocurrencies. However, given that important technical indicators such as the RSI and the MACD continue to fall below 50, suggesting a bearish trend , it is difficult for Cardano to reach $1 in the next four weeks. Renowned analyst Peter Brandt even said that ADA could fall below $0.25 in the near future. There has been buzz around modern blockchains like Solana and Avalanche.
These people threaten Cardano and are famous for their fast transaction speed. For the same reason, it could be argued that Cardano should be looking over its shoulder.
Despite the losses in recent months, Cardano’s price forecast should be optimistic. It is expected that Cardano will eventually become one of the most advanced technologies in the market due to long-term and scientific development. In the near future, Cardano may surpass Ethereum and other blockchains in every aspect.
