The Cardano blockchain has recently registered remarkable growth in terms of transaction volumes and the transaction count taking place on the network. As per a report published by blockchain analytics firm IntoTheBlock, Cardano has shown strong on-chain performance across multiple departments.

This includes transaction volume and count, whale activity, profitability, active crypto wallets, and correlation with BTC. As per the report, Cardano witnessed a 205 percent increase in transaction volume since the beginning of the year. This is quite noteworthy since it followed after a sharp decline in late 2022. It also signals a renewed interest in Cardano (ADA) from investors.

According to the data from IntoTheBlock, transaction count has remained steady during bear markets, showing a 33.45 percent rise from yearly lows and reaching a three-month high of 98,000 transactions in a single day.

ADA whale accumulation has seen a significant increase in line with the surge in transaction volume. IntoTheBlock’s data reveals spikes in net flows, indicating a trend of whale accumulation, with a surge of over 1,500 percent in net flows over the past 30 days.

1/ Cardano is one of the top Layer 1 networks in the industry. Let’s dive into some of the on-chain analytics to see how the network is doing. #CardanoCommunity

— IntoTheBlock (@intotheblock) May 22, 2023

Additionally, the report also highlights the fact that the Cardano network continues to push through growth via different initiatives and development efforts. As reported last week, the Cardano blockchain is also gaining popularity in the decentralized finance (DeFi) market. The Cardano blockchain is fast approaching the top ten spot of all DeFi chains.

Cardano Scalability and Investor Confidence

The Cardano blockchain has been giving tough competition to players like Ethereum with the recent development of Hydra. Besides, we have also seen the deployment of more smart contracts on the Cardano blockchain.

The latest development has been the launch of the first mainnet-compatible Hydra earlier this month. This is a major development in the full deployment of Hydra on the Cardano blockchain. Hydra is set to enhance Cardano’s scalability by enabling the creation of parallel subchains known as “heads” to process transactions, thereby increasing its capacity.

On the other hand, the Cardano (ADA) price has shown strong resilience in the prent market downturn. From its lowest transaction levels throughout the year, the Cardano blockchain witnessed a substantial surge of 33.45%.

According to IntoTheBlock’s report, about 22.2 percent of addresses are currently profitable, 4.5 percent are breakeven, and the majority, 73.2 percent, are experiencing losses. This situation is attributed to the overall bearish market conditions that have caused ADA to reach significant lows. However, the report acknowledges the resilience of many ADA investors who are holding onto their investments, anticipating a potential price increase in the future.

Furthermore, the report also highlights a strong positive correlation between ADA with BTC and ETH. As of press time, Cardano (ADA) is trading at $0.36 with a market cap of $12.8 billion.