RATE Group | Cardano Up 47% in 2020, But Does Blockchain’s Usage Warrant it?
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Cardano Up 47% in 2020, But Does Blockchain’s Usage Warrant it?

01 Feb Cardano Up 47% in 2020, But Does Blockchain’s Usage Warrant it?

Posted at 20:42h in Cryptocurrency News by

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Like many crypto assets, the price of Cardano (ADA) has increased over the opening month of 2020. Starting the year at around $0.033, the digital currrency now trades at more than $0.054.

Although the same could be said about many of the thousands of other digital currencies, the gains do not appear to be based on actual usage. In fact, a look at the Cardano blockchain shows that very few people are using the cryptocurrency at all.

Cardano Clearly a Long Way from Mass Adoption

According to data taken from its blockchain, hardly anyone is using Cardano. The tenth most popular crypto asset in terms of market capitalisation routinely sees blocks that are completely empty. When they’re not empty, they contain just a handful of transactions.

Pointing this out is software developer Joshua Henslee. Henslee tweeted the following yesterday:

A look at Cardano’s blockchain,…

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