Cardano’s (ADA) development team has been actively working towards enhancing the network’s capabilities, and the recent influx of smart contracts showcases their dedication and technological prowess.
The seventh-largest cryptocurrency by market capitalization has made an impressive stride in the blockchain space adding over 1,000 Plutus V1 smart contracts to its network since the beginning of 2023.
As of May 17, 2023, there was Plutus V1 Scripts 5,776 compared to 4,718 V1 scripts recorded on January 1, according to data retrieved by Finbold on May 18 from Cardano Blockchain Insights.
This milestone achievement has solidified Cardano’s position as a prominent player in the decentralized finance (DeFi) space. Notably, all of the built-in types and functions from Plutus V1 were added to Plutus V2. Notably, the number of Plutus V2 scripts sits at 2,494 at the time of publication.
Cardano price analysis
Cardano continues to showcase its resilience in the volatile crypto market. With its recent performance, ADA has attracted attention as it trades at $0.3763, marking a noteworthy 2.35% increase in value in a day and an impressive 5.23% rise in value over the span of a week.
Cardano is currently experiencing a support level at $0.35245 in the market. Conversely, ADA is encountering a resistance level at $0.40048.
These upward trends reflect the growing confidence and interest in Cardano among investors and the wider cryptocurrency community. With a market capitalization of $13.1 billion, Cardano has solidified its position as one of the top ten cryptocurrencies by market cap.
Finally, Finbold reported last week that with Bitcoin (BTC) and Ethereum (ETH) facing skyrocketing network fees amid the recent meme coin craze, Cardano had assumed the leadership position among all blockchains in terms of daily transaction volume.
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