Cardano Records Impressive Q3 Figures, Can ADA Retest $0.4?

Cardano (ADA) has once again displayed impressive growth trends in its third quarter (Q3) according to a recent report from crypto analytics firm, Messari. 

Cardano Q3 Figures by the Numbers

Per the report, the protocol’s stablecoin value soared by 16% Quarter-on-Quarter (QoQ) and 461% in the Year-to-Date (YTD) period. The report indicated that the stablecoin rally was initially triggered by iUSD, however, protocols like Wanchain debuted the bridged versions of USDT and USDC.

Besides stablecoins, Cardano also recorded an impressive Q3 surge in its Decentralized Finance (DeFi) Total Value Locked (TVL). This metric was up 198% QoQ and the TVL jumped from its earlier rank of 34 to 15, one of its most ambitious shows of growth this year.

Cardano’s growth metrics are further amplified with its Average Daily Active Addresses pegged at 41,137 while the Average Daily Transaction recorded was pegged at 60,356 for the quarter. Other key metrics including the Average Daily DApp Transactions and Average Daily NFT Trading volume also recorded impressive figures of 49,388 and $0.6 million respectively.

One notable aspect Cardano thrived in the third quarter is its ecosystem activities. First, Project Catalyst Fund 10 was completed with a total of 192 projects funded from a reserved pool of 50 million ADA. In addition, Mithril went live in the quarter and has been getting impressive upgrades per the performance update Input Output Global releases weekly.

Cardano Price Outlook

The Messari report also focused on the price action of Cardano for the third quarter. The average price of ADA per the report is pegged at $0.25, down from the $0.28 recorded in Q2. The circulating market capitalization also came in at $8.7 billion with a jump of 9.6%.

At the time of writing, Cardano is priced at $0.3006 after scoring a 1.30% in the past 24 hours. Cardano has generally benefited from the recent rally in the broader market and over the past month, its price has soared 18.30%.

With the impressive stats Messari just unveiled and the ongoing developmental effort in the Cardano ecosystem, the market may price in these fundamentals and we may see a resurgence in ADA’s price to $0.4 in the short to mid-term. If achieved, this will be ADA’s highest price level since April.