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On-chain Cardano analysis highlights ‘positive trends’

23.05.2023
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The Cardano network has shown “positive trends” throughout 2023 across several on-chain metrics, according to the analysis conducted by IntoTheBlock, including the examination of transaction count, transaction volume, and addresses in profit, among others.

A top-level highlight of the report noted that transaction count and transaction volume “stand out clearly.”

Cardano transactions

The Cardano transaction count has been relatively stable during this bear period – posting a 33.5% increase from yearly lows around mid-April.

Cardano transaction count
Source: @intotheblock on Twitter.com

In terms of transaction volume, the chart below shows an uptrend since the start of the year – leading to a year-to-date increase of 205%. This equates to over 26 billion ADA transacted daily.

“Recently, there was a notable peak in daily transaction volume, reaching a three-month high with 98,000 transactions in a single day.“

Cardano transaction volume
Source: @intotheblock on Twitter.com

Other key points

Analysis of addresses in profit revealed 22% are in profit, 5% are breaking even, while the majority, at 73%, are holding losses at the current price.

The price of ADA has sunk significantly from its $3.10 all-time high in August 2021. The coin has been between $0.25 and $0.46 since the start of this year.

The research platform concluded that most users, who are holding losses, continue to do so in the expectation of a coming price revival.

“The ADA token has faced some significant capitulation in recent months, but a majority of users are still holding strong in anticipation of a price increase.“

Cardano addresses in profit
Source: @intotheblock on Twitter.com

Regarding netflow from large holders, it was noted that the 30-day change saw a +1,510% increase in inflows – suggesting whale accumulation in play. The chart below also highlights that the majority of activity relates to inflows.

Cardano whales
Source: @intotheblock on Twitter.com

Mentioning the recent release of Hydra, IntoTheBlock does not expect it to make an immediate impact.

The Hydra layer 2 scaling solution was released on mainnet on May 4. It enables developers to create mini-blockchains, or heads, for processing data off-chain. This quickens processing time and takes load away from the main chain.

It was concluded that on-chain metrics point to positive trends, particularly the stable transaction count, rising transaction volume, and whale accumulation.

The post On-chain Cardano analysis highlights ‘positive trends’ appeared first on CryptoSlate.

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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

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