The Cardano ecosystem has potential for further growth. The network has grown tremendously in various sectors, including decentralized finance (DeFi) and non-fungible tokens (NFTs). The blockchain has seen massive adoption in recent months and has become the third most active blockchain in development activity.
According to from Cardano Blockchain Insights, this blockchain ecosystem has added more than 50,000 new wallets since the beginning of the year. From 3,842,867 registered on January 1 to 3,894,735 registered wallets as of January 25, a total of 51,868 wallets were added to the network.
In the last 25 days, an average of 2,075 new wallets were created daily, indicating a growing interest and activity from potential new investors in the block chain.
ADA Market Capitalization Increases Nearly 50%
Following growing interest from potential buyers, the Cardano (ADA) market capitalization has posted new monthly highs. From the $8.48 billion seen at the end of last year, ADA’s market capitalization has risen to more than $13 billion, up 43% in the previous 30 days.
The asset has gained traction and recognition from notable firms. Earlier this week, crypto-analytics platform StockTwits ranked surpassing Bitcoin (BTC), which reached the second position below ADA.
CoinGecko and Coinmarketcap have ranked ADA 8th out of the top cryptocurrencies with the highest market capitalization. Along with its increasing cryptocurrency market capitalization, it has also rallied in recent weeks, appearing among the top gainers among cryptocurrencies with large market caps.
In the past 30 days, the ADA has from the $0.25 price seen late last year to over $0.35 at the time of writing. Its trading volume has also changed significantly from $161 million registered at the beginning of the year to $489 million in the last 24 hours.
Cardano’s most anticipated catalyst
Although ADA’s recent rally appears to be based on the crypto market’s pervasive bullishness, a catalyst like the Djed stablecoin could also be part of the asset’s growing attraction. Djed is Cardano’s first ADA-backed stablecoin powered by COTI Network. It is an over-collateralized stablecoin with a collateral rate between 400% and 800%, depending on the description in .
Although it will launch soon, Djed has received a lot of interest from non-ADA investors and potential Cardano buyers. Rick McCracken, Cardano supporter and owner of ADA staking pool DIGI, celebrated and the launch of Djed on mainnet.
Featured Image from Bitcoinist, Chart from TradingView.com