Cardano (ADA) increasing transactions fees is a Bullish metric, says Kraken Exchange
Global crypto exchange Kraken noted spike in the on-chain activities of Cardano (ADA) in the crypto industry.
Kraken is a global crypto exchange, which is basically from the US and was founded in 2011. Right now this exchange is standing at 4th rank, in terms of high trade volume provider crypto exchange. Last month, Kraken grabbed huge traction in the crypto industry on the negative stance to the request of Ukraine officials to stop the crypto services for the Russian crypto addresses.
Recently Kraken released its “March 2022 crypto on-chain digest”. Through the released report, Kraken noted that crypto users are paying around 40% high fees for the ADA transactions over last year to this date.
On one hand, the majority of the crypto networks are moving toward a low fees strategy but unlike all the flagship networks, Cardano blockchain Network’ fees surged from $0.33 to $0.5+.
“ADA transaction fees have risen about +51,5% from $0.33/tx to $0.5/tx year-to-date. In March alone, ADA fees rose +37%”
The total worth of ADA transactions, Adjustment Settlement Value, also surged rapidly over the last months. The latest pattern for Cardano network on its on-chain activities is very high, which is another bullish metric sign for Cardano.
“The 7-day moving average of ADA’s adjusted transfer value volume rose an astronomical +2,472% from $2.5B to $64.3B. Moreover, ADA’s transfer volume jumped nearly +186% from $22.5B in the last 30 days alone.”
However, in all such metrics, Cardano topped but the network failed to show a bullish metric in terms of the highest increase in numbers of active ADA addresses, that means on-chain network activities faced downfall by around 20%, which was the worst thing for Cardano Blockchain over all other blockchain networks.
Price Action
At the time of writing this article, the price of the ADA coin is $1.089 and this price is 2% high over the last 24 hours’ trade price.
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