You may have noticed that Cardano (ADA) has been performing very well since February. The price of ADA was still around $ 0.34 on Feb. 1 and rose to a new one all-time high (ATH) of $ 1.48 on March 18. That’s an increase of no less than 335% in less than two months!
That success put Cardano equally in the top three largest cryptocurrencies in terms of market capitalization, it stood at $ 47 billion. However, the correction caused Cardano to drop back to number five again. That’s also because the Tether (USDT) printer continues to run overtime and the Binance Coin (BNB) is performing strongly.
In addition, the success of ADA can also be seen in the futures market. The so-called open interest (IO) on ADA futures contracts is currently close to $ 1 billion according to Bybt.com. It’s only so far bitcoin (BTC) in ethereum (ETH) ever managed to break through this $ 1 billion.
The number of daily active ADA wallet addresses is also growing rapidly and is currently more than 85,000. The network processes an average of as much as $ 4.5 billion in transactions per day.
Nevertheless, the project is still receiving some criticism from the community. Namely, especially compared to competitor Ethereum, very few applications are currently running on the platform. This is of course because certain functionalities such as smart contracts have yet to be added.
Still, on March 20, IOHK CEO and Cardano founder Charles Hoskinson shares the following picture of projects that are part of the Cardano ecosystem, showing that the network may already be more active than some think:
Hey Ghost Chain carnival barkers, I ran out of space for my picture. I guess I need a bigger one pic.twitter.com/gVXpAfOazd
— Charles Hoskinson (@IOHK_Charles) March 20, 2021
Recently, Hoskinson discussed the future in a video of the project with regard to new applications and the launch of decentralized finance (DeFi)
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