Cardano Is Increasingly Shining In The Third Quarter, Here's The Proof!

Cardano crypto asset. (Photo; Doc. Elevenews)

JAKARTA - Cardano (ADA) again showed an impressive growth trend in the third quarter (Q3) according to a recent report from crypto analytics firm Messari.

According to the report, the value of stablecoin protocols jumped by 16% from quarter to quarter (QoQ) and 461% in the Year-to-Date (YTD) period. The report indicates that this spike was initially triggered by iUSD, however, protocols such as Wanchain debuted with versions of USDT and USDC bridges.

In addition to stablecoins, Cardano also recorded an impressive Q3 spike in Total Value Locked (TVL) of Decentralized Finance (DeFi). The metric is up 198% QoQ, which shows a very significant growth. TVL jumped from its previous rating of 34 to 15, making it one of the crypto assets with the most significant growth this year.

Increased Transactions

Cardano's growth metric is further strengthened by Average Daily Active Addresses which reached 41,137, while Average Daily Transactions reached 60,356 for this quarter. Other major metrics including Average DApp Transactions and Average Daily NFT Trading volume also recorded impressive figures of 49,388 US dollars (Rp785 million) and around Rp8.4 billion, respectively.

One of the important aspects that developed rapidly in Cardano in the third quarter was its ecosystem activity. First, Project Catalyst Fund 10 has been completed with a total of 192 projects funded from ADA's 50 million reserves. In addition, Badminton was broadcast this quarter and has received impressive improvements in accordance with performance updates released by Global Output Input every week.

Cardano Price Prospects

Messari's report also focuses on Cardano price movements for the third quarter. ADA's average price per report is set at US$0.25 (around Rp3,600), down from US$0.28 recorded in Q2. Market capitalization in circulation also reached US$8.7 billion (Rp138 trillion) with a 9.6% spike.

At the time of writing, Cardano is priced at $ 0.3006 after scoring an increase of around 1.30% in the last 24 hours. Cardano has generally benefited from recent rallies in the wider market and over the past month, the price has jumped 18.30%.

With impressive statistics and ongoing development efforts in the Cardano ecosystem, the market may take this fundamental into account and we may see the rise of ADA prices to 0.4 US dollars (around Rp5,700) in the short to medium term. If achieved, this will be the ADA's highest price level since April.