In a significant milestone for the Cardano ecosystem, Cardano (ADA) has emerged as a leader in wallet growth, outshining major cryptocurrencies such as Bitcoin (BTC), Dogecoin (DOGE), and (XRP).

According to a post shared by on-chain analytics firm Santiment on Monday, the number of wallets holding ADA with more than zero coins surged by an impressive 38% over the past year, bringing the total to 4.5 million wallets. This places ADA ahead of other prominent cryptocurrencies, including XRP with a 26% growth, DOGE with a 22% growth, and even Bitcoin with a 32% growth in the number of wallets.

Notably, the only cryptocurrency to surpass ADA in this metric was Ethereum (ETH), with a 54% growth and 112.1 million wallets.

These statistics indicate a growing interest and adoption of Cardano despite the ongoing struggle with FUD, as it successfully emerged from the harsh crypto winter.

That said, adding to Cardano’s momentum has been its robust development activity on GitHub. According to data shared on Friday by CryptoDiffer, Cardano was seen to have taken a substantial lead over Ethereum in December, with an average daily GitHub commit size of 449 compared to Ethereum’s 183, showcasing a 245% difference.

The implications of this active development are crucial for ADA’s market performance. As Cardano attracted more developers, there was a heightened expectation of increased demand and usage for its native blockchain token, ADA.

Turning attention to price performance, despite a short-term price fall of around 17% over the past week, the cryptocurrency has shown resilience and potential for further growth after a 75% growth in the past year. Presently, ADA is exhibiting a bullish trend on the weekly chart after successfully converting the critical $0.45- $0.46 resistance zone into solid support.

That said, Cardano’s surge in wallet growth, coupled with its attractive development activity, growing community support and positive price performance, positions it as a cryptocurrency to watch in the coming months. 

At press time, ADA was trading at $0.56, reflecting a modest 3.30% decrease over the last 24 hours. However, amidst this slight dip, the asset’s trading surged by an impressive 60%, reaching approximately $597 million during the same period, indicating heightened trader activity and market engagement.

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Filed under: Bitcoin - @ January 12, 2024 4:18 pm