Cardano (ADA), the 11th largest cryptocurrency, is making significant strides in its smart contract development, potentially solidifying its position as a major blockchain player. Smart contracts, the backbone of decentralized applications (dApps), allow for automated transactions on the Cardano blockchain. This focus on smart contract functionality highlights Cardano’s ambition to stand out in the competitive landscape.
Plutus Scripts on the Rise
Data shows that the total number of Plutus scripts, Cardano’s smart contract language, has reached 41,743. This represents an impressive near 3% increase since April 1st. Notably, Plutus V2 scripts, the more advanced version, witnessed a significant jump of 3.52%, growing from 34,072 to 35,273. Plutus V1 scripts also saw a slight increase of 0.15%. Overall, April alone saw a deployment of 1,211 new Plutus contracts.
Despite this surge in smart contract development, Cardano’s price (ADA) has experienced a recent setback, falling below $0.4. This correction mirrors a broader downturn in the crypto market, shedding over $200 billion in capitalization. As a result, ADA has suffered a 20.08% drop over the past week and a 32% decline over the past month.
Potential Signs of Recovery
However, there are glimmers of hope for a Cardano rebound. The weekly chart suggests a potential recovery, with the 50-day moving average acting as a potential support level. This average is currently rising and sits below the current price. Additionally, the long-term trend for ADA remains positive, with the 200-day moving average steadily increasing since September 2023, although the current price remains below it.
Cardano’s Future: A Force to Be Reckoned With?
The explosion of smart contracts on Cardano in April signifies a vibrant ecosystem with long-term potential, regardless of the current price volatility. These developments solidify Cardano’s position as a serious contender in the world of blockchain platforms. While the short-term price outlook might be uncertain, Cardano’s dedication to smart contract innovation suggests a promising future.
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