The Cardano community has witnessed another bullish milestone amidst current market conditions. Despite the bear market that has prompted a lot of selloffs, pumping a wave of FUD into the space, the Cardano ecosystem’s user base is growing as the number of ADA wallet addresses rises to a new high.
Increase in wallet addresses indicates renewed interest in ADA
The total number of wallet addresses holding ADA has surged back above the 3.5 million mark after months of a steady decline, having increased to 3.7 million at the time of writing.
Out of the 3.7M addresses, about 255 addresses hold ADA tokens worth a balance greater than $10M, while 1,408 addresses have a balance greater than $1M worth of ADA. Addresses that hold $1 worth of ADA and above are a little above 3.1 million.
In March of this year, the number of ADA addresses increased to a similar value, reaching an approximate value of 3.4 million when ADA was consolidating around the $0.8 zone before the coldest touches of the now dominant Crypto Winter.
The number of addresses rose to a new all-time high of 5.2M in April when ADA reached the $1 value and traded slightly above it before closing the month around the $0.75 price.
Since then, there has been a significant decrease in the metric as the bears take control of the markets. The new high indicates renewed interest in the asset , especially at a point when the markets show signs of slow but active recovery to $1.
The ADA community anticipates the Vasil Hard Fork improvements
ADA has been showing improvement in price movements with the rest of the markets, having seen a 3.29% increase in the past 24 hours as of press time. ADA’s current price of $0.51 is a long way down from the asset’s all-time high of $3.10, which it attained on September 2, 2021.
Nevertheless, since dipping to its lowest point of $0.41 this year, the asset has been staging a comeback with an attempt to find support at the $0.5 zone. Despite having faced some resistance from the bears, ADA has held steady at this zone for some time and is looking to break above it once the markets move past this consolidation period.
Although news of the Vasil HardFork delay dealt a mild blow to ADA’s price action, the majority of the Cardano community has received the information with positivity as they anticipate the improved scalability and interoperability the network upgrade promises.