The cryptocurrency market remains depressed following the widespread impact of the FTX exchange liquidity crunch. However, crypto projects such as Cardano (ADA) are still recording increased network activity, with investors seeming unfazed by the market conditions.
Indeed, Cardano has recorded a spike in the number of wallets adding 33,097 in a week. As of November 13, the figure stood at 3,671,522, while on November 7, the decentralized finance (DeFi) platform had 3,638,425 wallets, according to Cardano Blockchain Insights data.
The increased interest in Cardano comes as the general cryptocurrency market continues to trade in the red zone after the sector took a hit following the FTX crisis. Notably, the high-level crisis has appeared to slow down a possible price bottom.
Interestingly, as reported by Finbold, Cardano founder Charles Hoskison suggested that the FTX saga might be the last crisis to hit the cryptocurrency market. It is worth noting that the extended bear market was partly triggered by the Terra (LUNA) ecosystem collapse in May.
Cardano’s network development
Furthermore, the accelerated interest in Cardano aligns with the ongoing network development for the blockchain touted as an Ethereum (ETH) killer. At the same time, Cardano is developing a new wallet dubbed Lace, with Hoskinson pointing out that once rolled out, the network will likely reach one billion users.
Lace, a lightweight multi-chain crypto wallet, promises to seamlessly link elements in Web2 and Web3 to a single interface. The wallet is considered as a game-changer for Cardano due to its ability to unify identities, transactions, and apps into a single experience.
Overall, the growing number of wallets is viewed among the key catalysts to trigger a price rally in ADA. Cardano had recently attempted to find a bottom before the FTX crisis hit the market.
With external factors appearing gloomy at the moment, the ADA community will rely on the continuous efforts of the Input Output (IOHK) developers to further improve the network just months after the Vasil hard fork.
ADA price analysis
In this line, a crypto trading expert identified some key levels to buy ADA as the asset looks to break past $0.50. At the same time, ADA technical analysis is predominantly negative, with the summary pointing at ‘sell’ with 15. Elsewhere, moving averages align with a ‘strong sell’ at 13 while oscillators are ‘neutral’ at seven.
In the meantime, the asset was trading at $0.33 by press time, with gains of over 1% in the last 24 hours.
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