October 31, 2023
Cardano (ADA) has once again displayed impressive growth trends in its third quarter (Q3) according to a recent report from crypto analytics firm, Messari.
According to the report, Cardano's stablecoin value soared by 16% Quarter-on-Quarter (QoQ) and 461% in the Year-to-Date (YTD) period. The rally in stablecoins was initially triggered by iUSD, and protocols like Wanchain introduced bridged versions of USDT and USDC.
In addition to stablecoins, Cardano also recorded an impressive surge in its Decentralized Finance (DeFi) Total Value Locked (TVL) during Q3. The TVL increased by 198% QoQ, propelling Cardano from its previous rank of 34 to 15, marking one of its most ambitious shows of growth this year.
Cardano's growth metrics are further amplified with its Average Daily Active Addresses pegged at 41,137, while the Average Daily Transaction recorded was pegged at 60,356 for the quarter. The Average Daily DApp Transactions and Average Daily NFT Trading volume also recorded impressive figures of 49,388 and $0.6 million respectively.
Cardano thrived in its ecosystem activities during the third quarter. Project Catalyst Fund 10 was completed, with a total of 192 projects funded from a reserved pool of 50 million ADA. Additionally, Mithril went live in the quarter and has been receiving impressive upgrades.
The average price of ADA in Q3 was $0.25, down from $0.28 in Q2. The circulating market capitalization reached $8.7 billion, representing a 9.6% increase.
At the time of writing, Cardano is priced at $0.3006, with a 1.30% increase in the past 24 hours. Over the past month, Cardano's price has soared by 18.30%.
With the impressive growth statistics revealed by Messari and the ongoing developmental efforts in the Cardano ecosystem, it is possible that the market will reflect these fundamentals and we may witness a resurgence in ADA's price to $0.4 in the short to mid-term. If achieved, this will be ADA's highest price level since April.
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