Cardano’s Transaction Volume Sees Huge Upsurge Amid Price Fluctuations: ADA Network In Bullish Outlook

  • Cardano’s transaction volume surges to new highs not recorded in past months as the wider market also witnesses improved activity. 
  • ADA’s price plunged further after losing its stance going below the $0.4 mark in May, trading at $0.38.
  • The future of Cardano’s development looks strong as the network rolls our new upgrades in preparation for the much anticipated Voltaire era.

Cardano (ADA) has been debated within crypto circles due to its huge developments lined up this year, coupled with a huge leap in price. 

Transaction volumes on Cardano have been up this week together with the total number of active wallets on its network. According to a recent report by Input Output Global, the organization responsible for the network’s growth, Cardano processed 65.4 million transactions in the past seven days.

The network has also recorded a massive inflow of new wallets bringing the total number of wallets to over 4 million as of March 2023. The volatility of ADA this past month has been a significant concern for pundits despite the latest wins in transaction volume.

The current trend can be linked to reports of increased whale activity on the network. The accumulation of coins in whale addresses points to a growth in the confidence of bigger players, which often ignites bull runs.

Cardano’s futures market is also showing bullish signs as increased transactions are recorded on the network. According to a chart from IntoTheBlock, transaction volume fell below 10B ADA in January before growing above 20B ADA.

ADA currently exchanges hands at $0.38 and has surged by a staggering 58% this year, with bulls expecting more gains to clear huge losses in the bear market. Although the year has been good, ADA is still 49% down from May 2022.

The community can feel Voltaire

Voltaire, described as the last phase of Cardano’s evolution, primarily aims to create a completely decentralized decision-making platform. Among the developments to flag off Voltaire is the Conway Ledger and CIP-1694.

CIP-1694 improved the governance of the network, making it more decentralized with any user having powers to submit governance actions which will go through three groups: The Constitutional Committee, Delegation of Representatives, and Stake Pool Operators.

Furthermore, the Ledger Team has added new technologies, including Plutus v3, in addition to the Haskell Code and API receiving new updates.

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