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Cardano adds 50,000 wallets in January as $4.5 billion floods ADA’s market cap

Cardano adds 50,000 wallets in January as $4.5 billion floods ADA's market cap

The Cardano (ADA) blockchain ecosystem has carried over its tremendous growth from 2022 into 2023 with network continuing to see a number of developments already in the first month of the year.

By GitHub notable commits during the last month, Cardano has emerged as the third most developed blockchains. This is due in large part to the introduction of the first smart contract written in a Pythonic programming language, as well as the addition of new features to the Plutus smart contracts.

At the same time Cardano has added over 50,000 wallets since the turn of the year with 3,842,867 on January 1 and 3,894,735 wallets recorded as of January 25 for a total of 51,868 wallets as data from Cardano Blockchain Insights shows.

Cardano wallets. Source: Cardano Blockchain Insights

Over the previous 25 days, an average of 2,075 new wallets have been created per day, demonstrating both increased activity and interest from potential buyers.

Cardano price analysis

The price of ADA has increased by 53.2% from the beginning of the year, when it was trading at $0.2464 and is now changing hands for $0.3777. 

Cardano YTD price chart. Source: Finbold

In addition, Cardano’s market capitalization was $8.46 billion while it now has a total worth of $13.06 billion; this indicates that its market cap has increased by $4.6 billion in a little less than a month’s time.

Cardano YTD market cap chart. Source: CoinMarketCap

As a result Finbold has highlighted Cardano as one of the top 5 cryptocurrencies under $1 to watch in February 2023. Given that it is the crypto protocol with the most development activity in 2022, the Cardano (ADA) team has many more upgrades planned, including the debut of its Djed stablecoin in the last week of January. Not to mention, it was selected to use eTukTuk, the first EV project ever developed on a blockchain.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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