Assessing reasons behind Cardano’s [ADA] bull rally in January 2023
Cardano’s performance on the metrics front was quite dynamic. ADA’s MVRV Ratio increased substantially, thanks to the bull run.developers have been stepping up their game with new updates and partnerships. This was also evident by looking at the network’s development activity, which registered an increase.
The number of daily active addresses remained consistent, but during the last few days, it spiked. On the contrary, ADA’s velocity remained relatively low over the last month, which was a negative signal. However, during the last few days, the velocity went up. Unusually, while ADA’s price increased, its daily on-chain transaction volume in profit registered a decline.Subscribe to get it daily in your inbox.
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