Crypto news about Cardano and Arbitrum

A look at the latest prices and news of the crypto assets Cardano (ADA) and Arbitrum (ARB).

We will look in detail at the price movement and market statistics, including a consideration of recent news affecting the future price of the tokens.

The prices and market statistics of the Cardano and Arbitrum crypto assets

Let’s start with the oldest project, namely Cardano and its ADA token: currently the price of the token is $0.44. 

Over the past month, Cardano’s token has been trending positively, growing by 25.5 %. 

ADA currently has a market capitalization of $15.4 billion with a daily trading volume of $429.9 million.

The circulating supply is 34.8 billion ADA tokens with an average retention time of 203 days. 

The statistics bring Cardano to position 5 in the popularity rankings, and although the project is far from its all-time high of $3.10, it seems to be bouncing back in a big way. 

Moving on to the youngest project with not even two months of life, we turn to analyze the price of Arbitrum (ARB). 

The ARB token currently has a value of $1.76. While we were able to analyze the performance of the last 30 days for Cardano, we cannot do the same for Arbitrum. In fact, we will rely on the last week, where the ARB token has gained +41.7% over its price. 

In terms of market statistics, ARB has a market capitalization of $2.3 billion with a trading volume in the last 24 hours of $1.2 billion. The circulating supply is 1.3 billion ARB with an average holding time of 8 days.

Cardano’s progress over the years

The latest network stats about Cardano ($ADA) have just been released and paint a fascinating picture of the platform’s progress. 

Since its launch in 2017, Cardano has gained momentum as a fast and reliable blockchain network. 

Thanks to its unique proof-of-stake consensus algorithm, the network has been able to overcome some of the major challenges faced by other blockchain platforms, such as scalability and energy consumption.

Input Output Global (IOG), Cardano’s research and development organization, has been continuously working to improve the technology and functionality of the platform. 

Recently, IOG shared its weekly development report for the week ending Friday 14 April 2023. The report covers various aspects, including core technology, wallets and services, smart contracts, Basho scaling, and governance.

One of the highlights of the report is the growing number of active Cardano wallets. As of 14 April 2023, the network had more than 12 million wallets, a significant increase from the previous year. This growth is indicative of the growing popularity of the Cardano platform among users and developers.

The report also highlighted the progress made in the development of smart contracts on the Cardano network. 

Smart contracts are self-executing contracts in which the terms of the agreement between buyer and seller are written directly in lines of code. 

They enable the automation of complex transactions and the creation of decentralized applications (dApps) on the blockchain. Cardano is working on developing its own smart contract platform, called Plutus, which is expected to be launched in the coming months.

In addition to smart contracts, the report also discussed progress on the Basho scaling project. 

Basho is an ambitious project that aims to improve the scalability and interoperability of the Cardano network. 

The project will be developed in phases, with the first phase focusing on improving network performance and stability. The report states that the first phase of Basho will be completed by the end of the year.

The report also discusses Cardano’s governance system. Cardano’s unique governance system is designed to ensure that the platform remains decentralized and community-driven. 

The report highlighted the success of the recent Project Catalyst voting round, which saw more than 200,000 votes cast by the Cardano community. The success of Project Catalyst is a testament to the strength and commitment of the Cardano community.

Abitrum’s growth is good for the industry

Ethereum has long been hailed as the king of smart contract platforms, but its success has come at a cost. 

As more people use the network, high transaction fees and slow confirmation times have become increasingly problematic. To solve this problem, layer-2 scaling solutions have emerged, and one of the most popular is Arbitrum.

Arbitrum is a layer-2 scaling solution that uses rollups to reduce congestion on the Ethereum network. By processing transactions outside the chain and sending only the final results to Ethereum, Arbitrum enables faster and cheaper transactions while maintaining the security and decentralization of the Ethereum network.

According to statistics compiled by user Henrystats on Dune Analytics, the number of accounts, or wallet addresses, for Arbitrum exceeded 5 million on 17 April. This is a significant milestone that demonstrates the growing interest and adoption of layer 2 solutions among Ethereum users.

In addition to individual addresses, there are now more than four million active accounts in the ARB ecosystem, with nearly 200 million transactions completed since inception. This indicates that users are not only creating accounts, but also actively using the platform for their transactions.

One reason for Arbitrum’s popularity is its compatibility with existing Ethereum smart contracts. 

Users can simply transfer their Ethereum tokens to the Arbitrum network and continue to use their existing applications and dApps. This ease of use has made Arbitrum an attractive option for users looking for a scalable solution that does not require significant changes to their existing workflow.

The growth of Arbitrum is also a testament to the growing demand for Layer 2 scalability solutions on Ethereum. 

As more and more people seek to use the network for various purposes, such as NFTs, DeFi, and gaming, the need for fast and convenient transactions becomes increasingly important. Layer 2 solutions such as Arbitrum provide a viable solution to this problem and are likely to become even more popular in the coming years.