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Cardano is one of the most well-known altcoins in the market and is anticipated to be a good competitor of digital assets such as Ethereum.
Even though a large audience has been inclined towards ADA, its price movement has not been very impressive. However, the Cardano network has been preparing for a new major upgrade, which is anticipated to boost the price of the cryptocurrency.
Meanwhile, the number of ADA wallets has seen some positive movement, which may cause a highly likely surge in Cardano adoption. Despite experiencing some instability last month, the smart contract platform saw a record-high increase in the number of ADA wallets.
Could this be a positive indication for the long-term growth and success of Cardano? Let’s find out more details.
If you are interested in purchasing ADA make sure you take a look at the Cardano crypto price prediction first and then invest.
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Is the General Sentiment Towards Cardano Positive?
As mentioned earlier, Cardano (ADA) is one of the most popular cryptocurrencies in the market. It gained even more attention and popularity after the Alonzo Upgrade and is anticipated to do the same after the latest upgrade.
However, despite the technological advancements the price of the ADA token has been stuck in downward momentum.
Here is a graph by CoinMarketCap that shows the price movement of ADA over the last seven days.
The altcoin is currently trading at $0.702 (at the time of writing).
Even though ADA’s price may not be doing so well, an increase in the adoption of Cardano has been noted as the number of ADA wallets has reached a new all-time high.
According to reports, a significant number of entities or hodlers have kept their ADA tokens untouched for more than a year and even then the number of ADA wallets has seen impressive growth.
It has been reported:
“The number of addresses holding ADA grew 2.99% to an all-time high of 5.20 million in April. This includes an increase in the number of hodlers from 529,000 in March to 679,000 in April. Short term traders declined 44.6% to 377,000.”
The user activity on the Cardano network has also been noted to see some negative movement. However, the impact of decreased user activity on the price and value of ADA is yet to be seen.
If you are a potential Cardano investor, make sure you choose a secure and suitable exchange and know about aspects such as Cardano staking and more before you invest.
Helpful Information for New Investors
There are numerous factors new crypto investors need to know about before they start buying any of the digital currencies.
Stepping into the crypto space may not be as easy as one might think as several aspects play a key role in determining the kind of experience a new investor has. One of the most crucial factors to consider is choosing the right crypto exchange.
Therefore, if you are new to the crypto space you should know the following tips for a less stressful and convenient experience.
- Choose one of the best crypto exchanges to buy Cardano.
- Start by investing as much as you can afford to lose.
- Monitor the price movement of the digital asset you want to buy and know when to invest.
People who are looking to purchase ADA, BTC or ETH for the first time can click on SwissBorg or Kraken (U.S. citizens).
[swissborg]
