The volume of transactions with the Cardano cryptocurrency increased by 1700%

Cryptocurrency analysts have pointed out that the volume of transactions with the Cardano token has increased by 1700% since January, despite a significant drop in the entire cryptocurrency market. According to Yahoo Finance, from January 2023 to September, the cryptocurrency lost more than 32% of its value.

According to experts, the rapid growth in the volume of transactions ADA $0.78 Cardano -7.09% Market capitalization $27.97 billion VOL. 24 hours $0.48 billion is noteworthy, given the contrast with the reduced market value. The data suggests that traders' interest in this crypto asset has remained unchanged despite the drop in its price.

«Cardano is still showing an increase in #onchain transaction volume despite the fact that its market value has declined from its April high. ADA’s dominance is still promising,» the analysts emphasized.

The base of Cardano cryptocurrency users is constantly growing, demonstrating high stability and interest from the community. Notably, since April 1, 2023, the number of new unique wallet addresses has grown by 6%, increasing from 4 million to 4.26 million addresses.

The Cardano token was included in the list of the most promising altcoins according to analysts of the CryptoBusy YouTube channel. The bloggers emphasized that ADA is one of the most reliable blockchain startups.

As a reminder, in June, the Securities and Exchange Commission (SEC) filed a lawsuit against cryptocurrency exchanges Binance and Coinbase, which classified Cardano (ADA) as an unregistered security. In addition to Cardano, the list includes: Solana (SOL), Polygon (MATIC), Coti (COTI), Algorand (ALGO), Filecoin (FIL), Cosmos (ATOM), Sandbox (SAND), Axie infinity (AXS), and Decentraland (MANA).