Cardano (ADA) Prospects Are Optimistic, Crypto Exchange Kraken Says | CryptoGazette
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It’s been just revealed that the crypto exchange Kraken said that the Cardano prospects are pretty optimistic. Check out the latest reports below.
Kraken addresses the future for Cardano
Crypto exchange Kraken says that there are two on-chain metrics measuring demand for digital assets that are suggesting a bullish outlook for Cardano (ADA).
In its March 2022 crypto on-chain digest, Kraken explained the fact that ADA’s transaction fees, the cost that market participants are willing to pay to use the blockchain, rose by over 50% year-to-date.
ADA’s transaction fee is rising amid a general decline in the transaction fees of other major crypto assets including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Tezos (XTZ).
“ADA transaction fees have risen about +51,5% from $0.33/tx to $0.5/tx year-to-date. In March alone, ADA fees rose +37%” accor9idng to the notes.
It’s also important to mention the fact that the Adjustment Settlement Value, which represents the US dollar value of the total amount of crypto assets transferred on-chain during a particular period, is also showing rising network demand for Cardano in 2022.
“On-chain indicators suggest ADA prospects are bright as demand is on the rise. The 7-day moving average of ADA’s adjusted transfer value volume rose an astronomical +2,472% from $2.5B to $64.3B.”
The same notes revealed the following:
“Moreover, ADA’s transfer volume jumped nearly +186% from $22.5B in the last 30 days alone. This increase in on-chain demand coincides with ADA’s rise in transaction fees.”
ADA did not perform well in other metrics, and this is also important to mention.
Cardano is the worst performer in terms of active addresses in March with a 20% decrease in network activities, as the online publication, the Daily Hodl notes.
At the moment of writing this article, ADA is trading in the red and the coin is priced at $1.09. Stay tuned for more news and keep your eyes on the market.
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