Major Double-Digit Decrease Across Four Vital Metrics
The post Major Double-Digit Decrease Across Four Vital Metrics appeared on BitcoinEthereumNews.com.
According to a recent report by data intelligence firm Messari, Cardano and its native token, ADA, experienced a notable decline in the second quarter (Q2) of 2024, reflecting the broader downturn affecting the cryptocurrency market. Key performance indicators also showed significant decreases in various metrics. Price Plunge, Market Cap Dips To $14 Billion According to the report, ADA’s price plummeted 39.7% to $0.39, while its market capitalization fell by 39.4% quarter-over-quarter (QoQ) to $14 billion. Messari noted that this decline was influenced by a slight increase in circulating supply, which accounted for the minor discrepancy in market cap figures. Consequently, ADA’s market cap ranking dropped from 9th to 10th place. Market cap and revenue figures during Q2. Source: Messari Related Reading Transaction fees on the Cardano network, which are essential for processing transactions and covering storage costs, also suffered. Revenue in USD decreased by 44.3% QoQ to $0.74 million, while revenue measured in ADA fell by 28.0% to 1.60 million. The platform’s average daily transactions also decreased by 27.5% QoQ to approximately 51,400, and the number of daily active addresses (DAAs) fell by 33.2% to 31,800. Additionally, the average transaction fee in USD dropped 23.1%, from $0.21 to $0.16. However, the average fee in ADA saw only a marginal decline of 0.6%, remaining at 0.34. Treasury Balance Grows Despite these setbacks, the ratio of transactions to active addresses increased by 8.4% QoQ to 1.62, suggesting a rise in “power users” engaging more frequently with the platform. In terms of staking metrics, total ADA staked and the staking rate increased slightly, although the total value of staked ADA in USD decreased significantly by 39.6% to $8.9 billion, primarily due to the falling price of ADA. Cardano’s treasury balance, measured in ADA, rose 5.8% QoQ to 1.57 billion, although its dollar value…
Filed under: News - @ August 28, 2024 3:21 am