Cardano [ADA] is currently in a bear market, as it has followed the market’s general trend.c The coin did, however, reach a new peak in total transaction volume, reaching $18.24 billion for a brief while. On November 16th, it surpassed Bitcoin [BTC] to become the third most active chain.
According to the most recent Messari data, Cardano was second only to Ethereum [ETH], with a transaction volume of $13.39 billion in the previous 24 hours. According to the data provided by the on-chain database platform, ADA is $7 billion behind ETH in terms of transaction volume. Furthermore, the current total active address [TAA] is estimated to be around 253K.
In just two months, the number of active addresses has increased by almost 134K. According to Pooltool, a Cardano data aggregator, the number of wallets has increased to 955K as of press time, up from 821K addresses in September. In fact, the network is said to have surpassed the 2 million wallets mark in early November.
In preparation of the Alonzo upgrade activation, ADA saw a large price increase. This year, in late August. Because of the hard fork’s smart contract features, the network gained a lot of interest, bringing it closer to competitors like Ethereum [ETH], Binance Smart Chain [BSC], and Solana [SOL]. According to the latest information, Hydra, the much-anticipated upgrade, is still in the research and development stage. No release dates have been announced as of yet.
What is Cardano’s [ADA] next step?
Charles Hoskinson, the founder of Cardano [ADA], has presented the network’s strategy for the year 2025. Hoskinson also revealed that a team is now working on the remaining Basho and Voltaire phases, while another is evaluating “next-generation” technologies. When asked how this plan differs from the previous one, he replied,
“As we go from the millions to the billions, the 2025 roadmap is more about what future markets, challenges, and concerns we need to capture as an ecosystem.”
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