Kraken, one of the leading crypto exchanges, says that two on-chain metrics measuring demand for digital assets show a bullish outlook for Cardano (ADA). The popular crypto exchange predicts a rise in ADA instead of the biggest cryptocurrencies of the market such as Bitcoin and Ethereum.
Kraken: ADA signals bullish
Kraken, in its on-chain crypto brief for March 2022, reported that ADA’s transaction fees, i.e. the cost market participants are willing to pay to use Blockchain, are 50 percent to date. It shows that it increases above . ADA’s transaction fee is rising amid the overall decline in transaction fees for other major crypto assets, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Tezos (XTZ). The Kraken report states the following:
ADA transaction fees have increased by about 51.5 percent to date, from $0.33/tx to $0.55/tx. In March alone, ADA fees rose 37 percent.
The Adjustment Settlement Value, which represents the US dollar value of the total amount of crypto assets transferred on-chain in a given period, also shows the increasing network demand for Cardano in 2022. The report published by Kraken includes the following statements regarding ADA’s increasing network activity:
On-chain indicators show that ADA prospects are bright as demand increases. The 7-day moving average of ADA’s adjusted transfer value volume rose an astronomical 2.472 percent from $2.5 billion to $64.3 billion. Also, ADA’s transfer volume has increased nearly 186 percent from $22.5 billion in the last 30 days alone. This increase in on-chain demand coincides with an increase in ADA’s transaction fees.
Bitcoin and the overall market drop also affected ADA
Cardano (ADA), which ranks 8th by market cap, did not perform well on other metrics. The altcoin was the worst performer in terms of active addresses in March, with a 20 percent drop in network activity. The altcoin also fell 9 percent in monthly active supply, which is the most significant drop compared to cryptocurrencies like Bitcoin and Ethereum.
Cardano’s market value, whose price movements we closely examined as Cryptokoin.com, also fell by 6.6 percent despite the general increase in the market value of crypto assets. Cardano (ADA) is trading at $1.03, down 5.69 percent daily at the time of writing. On the other hand, Bitcoin is trading at $ 42,490.90 with a decrease of 2.45% in the last 24 hours.
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