Blockchain analytics firm Santiment says that Ethereum (ETH) rival Cardano (ADA) is seeing a massive growth in network activity.
According to the market intelligence platform, new data suggests Cardano is setting the stage for a move to the upside as weekly on-chain transactions have soared by more than 1,700% since January.
“Cardano is still seeing rising on-chain transaction volume despite its suppressed market value compared to its April local top. Utility plays an important role in any bounce, and this combined with adequate ADA social dominance, is still promising.”
Cardano is trading for $0.25 at time of writing, down 0.3% in the last 24 hours.
Santiment also notices that network activity is picking up for Ethereum, indicating that a price bounce may be in sight.
“Ethereum’s network has exceeded 467,000 unique address interactions in a single day, the most since [Bitcoin] ETF (exchange-traded fund) announcements began breaking back on June 16th. Upticks in utility are typically a common necessity for ETH and other assets to increase in value.”
Ethereum is trading for $1,624 at time of writing, down 0.5% in the last 24 hours.
Santiment previously highlighted that XRP, the token associated with Ripple Lab’s payments platform, was also seeing high network activity, kicking off September with the highest on-chain volume it has seen since February 1st. The firm also said that XRP’s ecosystem was having a significant spike in development activity.
XRP is worth $0.50 at time of writing, down 0.6% in the last 24 hours.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney