Cardano (ADA) has been making notable strides amidst a period of respite in the broader cryptocurrency market. While many digital assets experienced a downturn following remarkable price hikes, Cardano has been witnessing growth in a different arena – notably, the proliferation of smart contracts on its network since the beginning of the year.
On March 19, the tally of Plutus scripts on the Cardano network, encompassing both Plutus V1 and Plutus V2, reached an impressive 39,032. This achievement marks a remarkable uptick of 171.45% since January 1, when the count stood at 14,379.
Cardano smart contracts growth. Source:Cardano Blockchain Insights
Breaking down the figures, the current number of Plutus V1 scripts stands at 6,439, representing a modest increase of 2.27% from the start of the year. Meanwhile, the number of Plutus V2 scripts has surged to 32,593, marking a substantial uptick of 303.23% from January 1.
Notably, the Cardano ecosystem has been expanding at a rapid pace, witnessing the addition of approximately 495 new smart contracts daily. This includes the addition of around 82 Plutus V1 scripts and 413 Plutus V2 scripts per day, as illustrated by the Cardano Blockchain Insights charts.
At the time of reporting, Cardano's price stands at $0.60711, indicating a minor decline of 0.73% within the day, along with an 18.01% drop over the past seven days. Furthermore, the monthly chart reflects an accumulated loss of 2.18%.
Cardano price 30-day chart. Source:Finbold
Crypto trading analyst Ali Martinez recently drew parallels between Cardano's current price movements and its patterns observed between 2018 and 2021. Martinez suggests a consolidation phase within the $0.55-$0.80 range, potentially leading to a surge to $1.70, followed by further consolidation and a breakout to $5.
Cardano price action analysis. Source:Ali Martinez
Various financial experts anticipate further price growth for Cardano throughout 2024. Predictions range from $0.945 to an optimistic $11 by year-end. AI and machine learning platforms have also weighed in, offering forecasts ranging between $1.26 and $8.
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