Cardano Adoption Statistics and Market Trends (Updated 2024)

2024 has been an exciting year in the crypto space. We have seen the launch of Bitcoin and Ethereum ETFs, the dawn of a Bitcoin bull run and a thrilling altcoin season. This has left many people wondering about the status of popular coins, such as Cardano (ADA). 

Just like the wider crypto space, cardano adoption is on the rise, and this is not surprising. Cardano is a project that aims to create a nexus for changemakers, visionaries, and innovators. The platform arms users with tools and technologies to discover and create solutions via the limitless possibilities on the blockchain. It supports NFT, DeFi, and Metaverse projects.

Despite only being launched in 2017, it has already grown in popularity. It is currently among the top cryptocurrencies globally. In this guide, we will dive into key Cardano adoption statistics to understand what is really going on with the crypto. 

Key Cardano Adoption Statistics to Know in 2024

1. Cardano currently has a circulating market cap of $14.6 billion
2. There are currently 35.59 billion ADA tokens in circulation
3. Cardano has 103.2k daily active users
4. Cardano currently ranks 10th by market cap 
5. In 2023, Cardano ranked 6th by social media dominance 
6. In Q1 2024, Cardano processed over 30 million transactions
7. The Cardano network saw a huge influx of new wallet addresses in February 2024

1. Cardano currently has a circulating market cap of $14.6 billion

Cardano has a market cap of $14.6 billion at the time of writing. This is a significant drop from the token’s all-time-high in 2021 which leaves a lot of room for growth. 

The drop in market cap over the last 2 years is most likely due to competition from other blockchain networks. Ripple and Solana both rank in the top 10 cryptocurrencies by market cap and pose a significant threat to Cardano.

2. There are currently 35.59 billion ADA tokens in circulation

The max supply of Cardano is 45 billion and 35.59 billion coins are currently in circulation. 

This leaves a lot of room for the supply to increase, which could put inflationary pressure on the price. However, once the max supply of 45 billion is reached, the supply of Cardano will slowly go down. 

3. Cardano has 103.2k daily active users

The Cardano network has around 103.2k daily active users and transactions performed by users stand at 100.7k. 

In comparison, the number of daily active users on the Ethereum network is currently over 400k. 

This means that the Cardano network has around 25% of the total number of users as Ethereum – so there is a lot of catching up to do. 

Nevertheless, Ethereum is the second largest crypto by market cap and it is no surprise that it is the most used blockchain network. 

4. Cardano currently ranks 10th by market cap

Despite experiencing a significant drop since 2021, Cardano still ranks 10th by market cap. The token was recently overtaken by Ton coin, which now ranks in position 9. 

Ranking at position 10 means that Cardano stands as one of the most-used blockchain networks. The coin has managed to hold its spot amongst the top 10 cryptos for several years which shows long-term resilience. 

There are rumours that Cardano could be the next cryptocurrency to launch an ETF. If this were to happen, the coin could see a significant uptick and potential move up the rankings. However, nothing has been confirmed. 

5. In 2023, Cardano ranked 6th by social media dominance

Social media presence is a good indicator of investor sentiment in the crypto space. 

In 2023, Cardano ranked 6th by social media dominance which is a pretty promising stat. Social media dominance is measured by mentions and engagement and suggests that Cardano was a pretty hot topic last year. 

Not enough data has been collected yet in 2024 to understand whether this dominance has continued. 

6. In Q1 2024, Cardano processed over 30 million transactions

At the beginning of 2024, the Cardano network processed over 30 million transactions. 

This brought the network close to completing 100 million transactions and shows that there is still a lot of interest in the Ethereum scaling solution.

7. The Cardano network saw a huge influx of new wallet addresses in February 2024

Earlier this year, new wallet addresses on the Cardano network spiked by 89%. This suggests bullish momentum for the Cardano network. 

New wallet addresses are a sign of adoption, showing an influx of new interested users. The spike saw the number of wallets on the Cardano network increase to 4.6 million.

Factors Affecting Cardano Adoption

One of the biggest factors currently affecting Cardano adoption is the Fed’s classification of cryptocurrencies. 

Recently, the Fed declassified Cardano and 9 other cryptocurrencies as securities. However, there is no knowing whether the regulator will change course. 

If the cryptocurrency were to be classed as a security, it would be subject to reporting and pre-clearance. This would take away the decentralized nature of the crypto. 

Another big challenge faced by Cardano is competition. Cardano is not the only blockchain network to offer scalability, fast transaction speeds and low fees. Other prominent competitors include Solana and Ripple. 

Solana has seen tremendous growth in 2024 and currently ranks higher than Cardano by market cap. To increase adoption, Cardano will need to overtake competitors with continuous innovation and advancements. 

Final Thoughts

Despite a significant drop from it’s all time high, Cardano stands as one of the most popular blockchain scaling solutions and ranks 10th by market cap. 

For Cardano adoption to accelerate, the network will need to continue innovation and develop solutions to out-rank competitors. 

Market data shows that there is still an appetite for Cardano, with the network recently surpassing 100 million transactions. 

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