A prominent crypto analyst reports a significant increase in on-chain activity for the Cardano blockchain, referencing IntoTheBlock’s Net Network growth metrics.
The analyst notes that the number of new daily addresses being created on the Cardano network has grown by nearly 167% to surpass 112,500 addresses. Sustained growth in this metric usually precedes a spike in price volatility for ADA, the analyst maintains.
This may also be substantiated by recent data from Messari; aside from Bitcoin, Cardano is in the top place in terms of transaction activity, outpacing Ethereum. Based on transaction volume, Cardano overtook Ethereum at $15.06 billion, while the latter registered 24-hour volumes of $6.71 billion.