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HomeCrypto NewsMarketCardano Price, Revenue, Active Addresses, Transactions Rise in Q1 2024: Messari 

Cardano Price, Revenue, Active Addresses, Transactions Rise in Q1 2024: Messari 

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Cardano records significant growth in price, circulating market cap, revenue, average daily active addresses, and transactions in the first quarter of 2024. 

Prominent crypto analytic firm Messari disclosed this in a recent report titled “State of Cardano Q1 2024.” According to the data, the Cardano ecosystem saw immense growth in key metrics in the first quarter of 2024 compared to the previous quarter, Q4 2023. 

ADA Price and Circulating Market Cap  

Messari’s data confirmed that Cardano’s native token, ADA, ended Q1 2024 with a price of $0.64, marking an increase of 7% from the value recorded at the end of Q4 2023.

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It is worth noting that ADA saw a higher appreciation in Q4 2023 following a 137.2% increase Quarter-over-Quarter (QoQ) to $0.60. However, ADA could not replicate a similar feat in Q1 2024, despite a general uptrend in the quarter. 

In addition, ADA’s circulating market supply also saw a similar increase in Q1 2024. As of March 31, 2024, ADA’s circulating market cap stood at $22.7 billion, representing a 7.5% increase from the Q4 2023 figure. Messari noted that the disparity in the growth rate witnessed in the price and circulating market supply was due to a 0.4% increase in ADA’s circulating supply. 

Cardano Revenue 

The increase in ADA’s price in Q1 led to a massive surge in the USD equivalent of Cardano’s revenue. Messari highlighted that Cardano’s revenue in USD spiked 44% QoQ to $1.32 million. In contrast, Cardano’s revenue in ADA only increased by 3% QoQ to 2.23 million. 

This disparity is because ADA’s price surged tremendously at different times in Q1 2024, hitting $0.75 twice in March.   

Average Daily Active Addresses and Transactions 

According to the data, while Cardano’s daily active addresses soared 13.8% QoQ to 47,500 in Q1 2024, the daily transactions only increased 5.9% to 70,900 in the same timeframe. 

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This marked the first time the ratio of transactions to active addresses decreased over the past five quarters. Such a decline indicates a rise in activity spread among users. 

Furthermore, the Cardano ecosystem also witnessed growth in NFT volume in the previous quarter. Although NFT transactions plunged 34.9% to 1,700 in Q1 2024, overall volume saw a quarterly increase of 6.6% to $430,000. 

Cardano Lags in Other DeFi Metrics 

While Cardano recorded a spike in key metrics like price and daily active addresses, the ecosystem lagged in other aspects, especially decentralized finance (DeFi). 

Messari pointed out that the average daily dApp transactions declined 6.5% to 45,800 in the first quarter of 2024 compared to Q4 2023. The firm attributed the decline to Minswap’s performance in Q4 2023 and Q1 2024, respectively. Notably, Minswap saw a larger surge in transaction volume in Q4 2023 compared to Q1 2024. 

This also affected Cardano’s total value locked (TVL) in Q1 2024, as the metric plunged 2.2% QoQ to $394 million. 

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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