Cardano’s (ADA) exponential price surge in 2021 has seen the network record growth in other metrics like active addresses and transaction count.
According to crypto data intelligence platform Coinmetrics, ADA’s active addresses have grown 417.81% between January 1 and April 28, 2021, highlighting the surging interest in the asset. Consequently, the transaction count is up 382.84% for the same period.
Cardano’s active addresses and transactions count. Coinmetrics data.
In recent months the Cardano blockchain has experienced massive interest alongside adoption, with ADA price gaining 660% this year and hitting a new all-time high of almost $1.5.
The rally has correlated with the entire cryptocurrency market, but the development of the Cardano blockchain has acted as the main catalyst for an increase in price and active addresses.
Active addresses are an essential metric to consider in determining the fundamental value of the Cardano network. Daily active addresses offer a more detailed view of the Cardano network’s usage.
Cardano benefitting from network upgrade
Following the ‘Mary’ protocol upgrade, Cardano has now evolved to a multi-asset network just like Ethereum. The development boosts confidence among investors since Cardano is on course to realize the dream of providing a robust, scalable, and highly energy-efficient network.
ADA is often compared to ether, as it’s the native token of a network that enables the establishment of decentralized applications. Overall, the upgrade has offered Cardano an opportunity to take advantage of the challenges caused by congestion on the Ethereum network.
The network development will likely spur ADA’s price to new levels as the network’s use cases and adoption increase. Most specifically, uses cases that involve dApps will be key to the platform’s growth.