Summary: Cardano (ADA) had an impressive fourth quarter in 2024, surging 126% in price and pushing its market cap to $30.3 billion. The network also saw a major boost in transaction fees, daily trading volume, and DeFi activity. As decentralized finance platforms expanded, total value locked (TVL) climbed, and Cardano moved up the rankings to become the ninth-largest cryptocurrency by market cap. The rally coincided with the U.S. election, which helped drive overall market enthusiasm.
Cardano (ADA) had one of its best quarters in recent history, with its price jumping by an astonishing 126% in the last three months of 2024. The surge brought ADA’s market cap to $30.3 billion, pushing it from the 11th to the 9th largest cryptocurrency by circulating market cap.
This price appreciation was happening during a broader trend of the larger market, and this was largely fueled by expectations around the U.S. election. Enhanced market sentiment as well as investor involvement played a huge role towards ADA’s strength.
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Cardano’s utilization of the network also increased sharply, according to a report by Messari. Fees per transaction increased 254% quarter-on-quarter to $1.8 million, 95% above the equivalent quarter of 2023. Though traffic was greater, the network still succeeded in keeping average fees per transaction even, dropping just 2% to 0.34 ADA per transaction.
The number of active users also grew, with daily volumes rising by 65% to 71,500 transactions and active addresses increasing by 58% to 42,900. Meanwhile, the average USD transaction fee climbed 80% to $0.23, reflecting the rise in ADA’s price.
The Cardano decentralized ecosystem has showcased a strong and very strong growth, which involves its value locked protocal increasing 13% which is a quarter over quarter to $231.6M. Liquid Finance was at the forefront, increasing by 141% to $113.6 million, with Minswap following closely in line with strong growth of 69% to $98.9 million. Smaller platforms such as Splash Protocol and Aada also revealed their presence, reflecting large quarter-over-quarter growths of 253% and 105%, respectively.
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Decentralized exchanges (DEXs) on Cardano had a good time as well. Their quarterly volume increased by 271%, to $8.9 million. Minswap led the market, having over 200,000 traders and accumulating a volume of $3.1 billion. WingRiders and SundaeSwap contributed to overall DEX growth, up 40% year-on-year.
Cardano’s stablecoin sector saw notable changes, with the total market cap rising 66% over the quarter. The network’s most widely used stablecoins, iUSD and DJED, grew by 20% and 41%, respectively, while MyUSD rose 17%. However, USDM was the only stablecoin that declined, dropping by 5%.
Cardano’s rapid expansion in DeFi and increased adoption in trading activity indicate a growing confidence in the network’s capabilities. With strong performance in the last quarter of 2024, ADA has positioned itself as a major player in the crypto space, setting the stage for further advancements in the coming year.