Cardano’s current cycle growth remains weak as new users choose competitors
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Cardano is witnessing a growth slowdown in the current cycle as per data by IntoTheBlock. Cardano’s user adoption has taken a hit in terms of adding new users despite its stable active user base over time.
In August, Cardano’s development activity is also on a decline based on the number of code commits. On the contrary, code commits on Ethereum have increased by 14% in the last 30 days.
Cardano fails to attract new users
Cardano user addresses with a balance has remained stagnant at around 4.45 million for almost a year, according to data by IntoTheBlock. The slowdown comes as Solana and Base draw increasing attention from new users.
According to crypto analyst Milk Road, Solana’s active address count has increased by almost 4 times in 2024. On August 6, Solana added almost 300K new non-vote addresses.
Weekly active addresses on @Solana broke 10M at the beginning of August only to cool down with a recent market dip
That’s still almost 4x since the start of the year
Crazy growth YTD pic.twitter.com/rLVyjcM1SE
— Milk Road (@MilkRoadDaily) August 12, 2024
Despite the competition, Cardano reportedly maintained its transaction count and active user base since April. The network notes $7.2 billion in daily on-chain volume and a low network value to transactions (NVT) ratio of 2.62. Additionally, ADA held by long-term holders has reached an all-time high with 40% of the total supply.
But the development growth is nowhere at the levels of the last cycle. According to Token Terminal, Cardano’s code commits in August 2024 are at 338, registering a 74.5% drop month-on-month as July stood at 1.33k commits. The core developers in the 30-day period are also down almost 9% to 95. The figures come against the backdrop of Chang hard fork which aims to increase coordination between nodes.
Contrarily, Ethereum’s development has accelerated in the last month with code commits increasing by 14% to 1.11k.
ADA price down 20% in 30 days
ADA price is on a recovery part on the weekly and daily charts after losing almost 23% value in 30 days.
However, the Cardano native is still down almost 90% from its record peak of $3. ADA surpassed the $0.7 price level in March this year before coming down to the range of $0.3 in August in almost a 60% drop.
Crypto influencer Bitcoinsensus notes signs of potential recovery due to a bullish pennant pattern on the charts. The pattern often follows a period of consolidation before a breakout.
The relative strength index (RSI) also indicates a reversal from the oversold zone. The RSI at the time of writing has stabilized at 40 in the last 3 days. There seems to be a potential for a reversal if the RSI continues to rise with bullish momentum.
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Cardano’s current cycle growth remains weak as new users choose competitors
Share:
Cardano is witnessing a growth slowdown in the current cycle as per data by IntoTheBlock. Cardano’s user adoption has taken a hit in terms of adding new users despite its stable active user base over time.
In August, Cardano’s development activity is also on a decline based on the number of code commits. On the contrary, code commits on Ethereum have increased by 14% in the last 30 days.
Cardano fails to attract new users
Cardano user addresses with a balance has remained stagnant at around 4.45 million for almost a year, according to data by IntoTheBlock. The slowdown comes as Solana and Base draw increasing attention from new users.
According to crypto analyst Milk Road, Solana’s active address count has increased by almost 4 times in 2024. On August 6, Solana added almost 300K new non-vote addresses.
Weekly active addresses on @Solana broke 10M at the beginning of August only to cool down with a recent market dip
That’s still almost 4x since the start of the year
Crazy growth YTD pic.twitter.com/rLVyjcM1SE
— Milk Road (@MilkRoadDaily) August 12, 2024
Despite the competition, Cardano reportedly maintained its transaction count and active user base since April. The network notes $7.2 billion in daily on-chain volume and a low network value to transactions (NVT) ratio of 2.62. Additionally, ADA held by long-term holders has reached an all-time high with 40% of the total supply.
But the development growth is nowhere at the levels of the last cycle. According to Token Terminal, Cardano’s code commits in August 2024 are at 338, registering a 74.5% drop month-on-month as July stood at 1.33k commits. The core developers in the 30-day period are also down almost 9% to 95. The figures come against the backdrop of Chang hard fork which aims to increase coordination between nodes.
Contrarily, Ethereum’s development has accelerated in the last month with code commits increasing by 14% to 1.11k.
ADA price down 20% in 30 days
ADA price is on a recovery part on the weekly and daily charts after losing almost 23% value in 30 days.
However, the Cardano native is still down almost 90% from its record peak of $3. ADA surpassed the $0.7 price level in March this year before coming down to the range of $0.3 in August in almost a 60% drop.
Crypto influencer Bitcoinsensus notes signs of potential recovery due to a bullish pennant pattern on the charts. The pattern often follows a period of consolidation before a breakout.
The relative strength index (RSI) also indicates a reversal from the oversold zone. The RSI at the time of writing has stabilized at 40 in the last 3 days. There seems to be a potential for a reversal if the RSI continues to rise with bullish momentum.
In This News
Coins
$ 3.13K
+2.18%$ 0.432
+3.52%$ 0.0154
-0.12%$ 0.00...361
$ 0.000207
Share:
In This News
Coins
$ 3.13K
+2.18%$ 0.432
+3.52%$ 0.0154
-0.12%$ 0.00...361
$ 0.000207
Share:
Read More
Hoskinson Sends Cardano Community Into A Frenzy With Cryptic Post Promising Today ‘Will Be A Good Day’