Cardano could play an important role in helping the ADA avoid bears because…

  • Charles Hoskinson talks about growth in the Cardano ecosystem
  • dApps Monitoring improvements. However, TVL continues to decline

On November 14, Charles Hopkinson, founder of Cardanomentioned that CardanoThe ecosystem has grown at a rapid pace. At the time of tweeting, the platform has hosted 3.6 million portfolios, over 100 projects have been launched, and over 1,000 projects are currently in the pipeline.

Read Cardanos [ADA] price prediction 2022-2023

dApp up!

The Cardano ecosystem, especially dApps, has been doing well for the past 30 days. According to the information before DappRadarAnd the Top Cardano dApps, Like small exchange And the sundayAnd the It grew in terms of unique active users on their protocol. Miniswap’s unique active users increased by 21% and for SundaeSwap the increase was 20% during the month of October.

However, in the case of DeFi, some volatility is observed. As can be seen from the image below, the Total Closed Value (TVL) has fluctuated significantly over the past month and decreased significantly after November 7th. At the time of writing this report, CardanoTVL volume reached 52.78 million and is down 6.17% over the past 24 hours.

Source: DefiLlama

Cardano needs a pickup

Cardano also did not perform well in the NFT space. As shown in the image below, the trend in the NFT market has continued to decline. But the number of deals concluded increased 72% in the last 30 days, according to data from Al-Fath.

Source: opencnft

Speed Cardano Transactions have also increased, indicating an increased frequency of Cardano exchanges between addresses.

Another plus for Cardano holders is the increase in the trading volume in profits over the past few days, as can be seen in the image below. However, despite the increase in the volume of transactions in earnings, the market capitalization to realized value (MVRV) continued to decline. This means that most people will realize their losses if they all sell their Cardano holdings at the press time price.

Source: feeling

At the time of writing this report, Cardano Trade at $0.344. Its price has decreased by 17.50% in past seven days. However, a 34.5% increase in its volume was observed in the past 24 hours according to the data Provided by CoinMarketCap. Its market capitalization has also seen a 0.25% increase, and at the time of writing, Cardano has accounted for 1.32% of the total cryptocurrency market.

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