As a seasoned analyst with years of experience in the volatile world of cryptocurrencies, I find myself intrigued by the latest developments surrounding Cardano. The July on-chain statistics reveal a steady growth in network usage and activity, which is undeniably a positive sign for the future of this dynamic platform. However, it’s interesting to note that while the network is expanding, the ADA price seems to be taking a dip amidst a broader market sell-off.
In a recent update, the Cardano Foundation disclosed network statistics for July, highlighting an increase in on-chain transactions.
The Cardano Foundation emphasized the continuous increase in on-chain activities within Cardano over the last month, indicating the platform’s vibrant, expanding ecosystem and continued involvement from the community.
Last month saw continuous expansion in the on-chain activities of Cardano, indicating the vibrant, expanding nature of its ecosystem and the active involvement of its community. Let’s keep working towards a decentralized future side by side. 🧱
— Cardano Foundation (@Cardano_CF) August 5, 2024
The data from last month shows that Cardano saw a slight increase across several key performance indicators, suggesting higher network engagement and action.
Based on a graph shared by the Cardano Foundation, transactions totaled approximately 94.6 million, marking a 1.62% increase. Out of these, about 37% were related to smart contracts, while 38% constituted basic transactions and 25% were metadata without smart contract involvement.
Plutus scripts increased by 1.88% in the past month to 6,659. Native tokens rose 1% to 10.2 MILLION, while policies rose 7.6% to 150,477. Cardano wallets showed a marginal increase, soaring 0.71% to 4.84 million in the past month. Delegated wallets soared 0.02% to 1.35 million.
During July, the price of ADA dipped 1.02% overall, even though it peaked at $0.456 this month. The cryptocurrency market experienced a mix of price fluctuations in July due to concerns about the collapsed Mt. Gox exchange and reductions in interest rates.
ADA price dips amid market sell-off
August began with a downward trend for the cryptocurrency market, as multiple assets experienced declines broadly.
At the beginning of the week, cryptocurrencies experienced a drop due to a worldwide market decline triggered by worries about an impending economic downturn. This downward trend is part of a larger market sell-off that started last week, following a disappointing July jobs report which heightened investor anxieties regarding a potential recession.
During Monday’s trading, Bitcoin experienced a significant decrease of almost 20%, while the value of ADA dipped by approximately 18%. However, ADA managed to recoup some of its losses afterwards.
Currently, ADA has increased by 3.43% over the past hour, suggesting possible dip-purchasing. Yet, it’s also decreased by 9.32% within the last 24 hours to $0.316 and dropped by 23.13% in the last week.
ADA is already down 18.11% in August, which is traditionally a sluggish month for risk assets.
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2024-08-05 18:43