Cardano’s recent market performance has blown out the number of ADA millionaires from 3,625 on July 20 to 9,830 on August 24.
As per a recent in-house post, the number of Cardano addresses with a balance greater than US$1 million has surged 173 percent during ADA’s recent price rally, which reached an all-time high of $3.02 on August 23. Compared to Cardano’s 1455 percent year-to-date (YTD) gains, this represents a 1,850 percent jump considering the number of millionaires went from 504 to 9,830.
ADA bottomed out at US$1.007 on July 20 but quickly saw a boost in price by almost 200 percent on the ADA/USD exchange rate. This move followed up a 6.42 percent correction in price, trading at US$2.67 at the time of writing.
The blog post also highlights the number of unspent transaction outputs (UTXO), which have spiked following Cardano’s rise in 2021. UTXOs represent unspent tokens that remained in wallets after deposits. When a blockchain detects UTXOs are rising, it means that most wallets are HODLing instead of selling.
Could Cardano Unseat Ethereum?
As reported by Crypto News Australia, Cardano co-founder Charles Hoskinson said in May that while Ethereum developers were working to implement several upgrades to the network, it was still falling behind its competitors. Most of the recent bullish sentiment is centred on the idea that Cardano could take a huge slice of the market, even outranking Ethereum.
Most of the hype is also due to the imminent launch of the Alonzo hard fork, an upgrade that would finally deploy smart contract compatibility for the network. Back in March when the Mary upgrade was announced, ADA surged 579 percent, making the blockchain compatible with DeFi projects and Non-Fungible Tokens (NFTs).
Another boost for the coin came after Cardano announced the launch of a new stablecoin, Djed, which seeks to eliminate price volatility using formal verification.
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