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With the majority of assets in the cryptocurrency market showing signs of resuming their upward trajectory following a brief reversal, Cardano (ADA) stands out as no exception. As the eighth-largest crypto by market capitalization, Cardano is also experiencing consistent growth in another area - the number of crypto wallets on its blockchain.

As of March 20, the number of wallets on the Cardano network reached 4,651,150, marking a 3.75% increase from the figure of 4,483,116 recorded on January 1, according to data from Cardano Blockchain Insights retrieved on March 21.

Averaging 2,100 ADA addresses added per day, this growth indicates the increasing adoption of its Proof of Stake (PoS) network. Moreover, the most notable day for wallet creation this year was February 2, with 5,414 new addresses added to the Cardano ecosystem.

Additionally, the Cardano network has seen an influx of approximately 40,000 new smart contracts in 2024, including Plutus V1 and Plutus V2 scripts, averaging about 495 contracts created daily since January 1.

Regarding price analysis, Cardano's native token was trading at $0.63465 at the time of writing, reflecting a 1.76% increase in the last 24 hours, a 19.86% decline over the previous seven days, and a 1.76% gain on its monthly chart.

Notably, crypto trading expert Ali Martinez observed similarities in Cardano's price movements between 2018-2021, suggesting consolidation in the $0.55-$0.80 range, followed by a surge to $1.70, correction, and then a breakout to $5.

Looking ahead, multiple finance experts predict continued growth for ADA in 2024, with price projections ranging from $0.945 to a bullish $11 by year-end, while AI platforms forecast prices between $1.26 and $8.

Overall, Cardano's ecosystem has seen significant expansion in 2024, attracting new users and generating positive sentiment around its native token. However, caution and staying informed about Cardano developments are essential for investors.