Cardano’s Charles Hoskinson Optimist on Network Growth- ADA Aiming for High-Level

Estimated read time 3 min read
  • Charles Hoskinson praises Cardano’s remarkable growth, citing significant increases in metrics such as Total Value Locked and ADA price.
  • As ADA demonstrates bullish momentum, Hoskinson underscores Cardano’s pivotal developments and optimistic outlook for the future.

Charles Hoskinson, the founder of Cardano (ADA), has recently lauded the remarkable growth trajectory of the network, coinciding with a potential bullish outlook for ADA’s price. His sentiments follow an insightful report by Messari, a renowned blockchain analytics firm, unveiling pivotal advancements within the Cardano ecosystem.

In a recent address, Hoskinson underscored the findings of the Messari report, emphasizing Cardano’s notable achievements in various metrics. According to the report, Cardano’s Total Value Locked (TVL) surged by an impressive 160% quarter on quarter in 2023, catapulting its ranking from 34th to 11th place in the cryptocurrency market.

“This surge in TVL vividly illustrates the burgeoning adoption and utilization of the Cardano network,” remarked Hoskinson. He further highlighted a substantial 37% year-on-year increase in stablecoin value and a remarkable 127% quarter on quarter surge in ADA price, surpassing the broader crypto market by an impressive 53%.

Of particular significance were the strides made by developers within the Cardano ecosystem, notably in the development of “Midnight,” Cardano’s partner chain focusing on data protection. Hoskinson reiterated the critical role played by core infrastructures such as Sonor, Hydra, and Milkomeda, underscoring their pivotal contribution to network growth and interoperability with other blockchain networks.

Furthermore, Hoskinson pointed to encouraging trends in average daily transactions, active addresses, and network robustness, indicating sustained momentum and heightened network engagement. He also drew attention to the substantial Cardano treasury balance, currently holding 1.43 billion Ada, equivalent to $6.861 million, poised to fuel further ecosystem growth.

Expressing his gratitude to the Cardano community for their unwavering commitment, Hoskinson outlined a promising future trajectory for the network. “We’re witnessing unprecedented growth, setting the stage for a vibrant Cardano ecosystem in the years to come,” he enthused.

As Hoskinson’s commendation coincides with ADA’s potential bullish momentum, recent market data further bolsters the optimistic outlook. ADA has demonstrated resilience in recent weeks, registering a series of higher highs and higher lows following a bounce off the $0.45 support level.

Additionally, the moving averages (MA) portray a bullish stance for ADA, with the 100-day MA crossing above the 200-day MA, indicative of a bullish signal known as a “golden cross.”

As of the time of writing, ADA was trading at $0.60, reflecting a 4.81% increase in the past 24 hours.

Charles Hoskinson’s accolades for Cardano’s remarkable growth coincide with a period of renewed optimism for ADA, underlining the network’s robust fundamentals and promising prospects.

vivian

Vivian Njoroge is a seasoned crypto and blockchain news writer with a passion for decoding the complexities of the digital financial world. Armed with a keen eye for emerging trends and a knack for simplifying intricate concepts, Vivian brings a unique blend of expertise and enthusiasm to her writing. Her articles, characterized by clarity and depth, aim to keep readers abreast of the ever-evolving landscape of cryptocurrencies and blockchain technology.

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