Cardano has been labelled as a non-developing blockchain by the crypto community, even calling it dead.
This is because not many realize that the blockchain is still active to this day, processing thousands of transactions per day.
Although the development process of the blockchain is behind most newer generations of blockchains, blockchain is currently alive and active.
Looking at Cardano’s Blockchain Activity
Looking at its blockchain activity, it can be seen that Cardano processes around 66,000 transactions per day, even reaching up to 100,000 transactions per day.
According to the Cardano Explorer, most of these transactions are simple transactions which are token transfers and payments.
There are three categories of transactions on the blockchain, which are simple transactions, smart contract transactions, and metadata transactions.
Most of the transactions come from simple transactions, which means that most users are using Cardano either to trade crypto or just a simple payment and transfers between wallets.
Smart contract transactions are usually attached to a decentralized application. Considering how few decentralized applications there are in the Cardano Ecosystem, it is normal for smart contract transactions to be less the simple transactions.
Also, it is worth noting that smart contract transactions are usually more complex, in the sense that there are multiple functions available to be used on Cardano smart contracts.
Metadata is usually used for NFTs, which is why it contributed to the least volume in the Cardano Blockchain.
The Blockchain itself has been steadily increasing its speed while lowering its cost with little upgrades here and there by the core developer team.
Will $ADA Go Up Again?
Looking at the long-term price movement of $ADA, the next couple of months will be hard as the price is currently trending downward after increasing for half a year.
$ADA’s Chart / Source: Tradingview
Since there is no new development, $ADA is lacking the sentiment to go up even higher, since its previous uptrend was caused by the overall sentiment of the crypto market.
$ADA itself is categorized as one of the slower-moving coins among other blockchain coins in the crypto market.
This means that the correction potential for $ADA might happen for quite a while before going up in the predicted bull market of 2025.
$ADA usually increases with the market, which is why it might be possible for the price to go back up after going down this year.
The current support level for $ADA is at around $0.24, where this might be a good buying zone before the price reverses and goes up.
If $ADA decides to go back up to its highest price, of around $2.76, then there is a potential for traders and investors to capitalize on a more than 1,000% profit in the next couple of months.
To capitalize on this potential, traders and investors can use Bitrue to purchase $ADA in the spot market, however, patience is needed as $ADA usually moves slower than other cryptocurrencies in the market.
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