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The Cardano (ADA ) network is flexing its blockchain powers amid the months-long bear market. According to an update by ADA whale via a recent series of tweets, it is evident that Cardano’s on-chain activity is on a rocket headed to the moon. Reportedly, Cardano’s NFT volume hit 3 million and 2.8 million ADA on 17 and 18 Oct, respectively. Consequently, the Cardano network ranked as the third largest NFT protocol.
However, Cardano (ADA) remains trapped in a possible multi-week bear market. According to our latest crypto market data, ADA price is trading down 84 percent in the past year. Additionally, the 8th largest digital asset by crypto market capitalization has dropped 24 and 11 percent in the past 30 and 7 days, respectively.
4/Cardano activity is growing:
– NFT volume hit 3.0m and 2.8m ADA on 17/18th Oct, solidifying Cardano as the 3rd largest NFT protocol @opencnft
– Network transactions on 19th Oct hit 97,959, up ~+75% MoM @cardanoscanio
@MinswapDEX volume highest in half a year at 3m+ daily pic.twitter.com/KSL9x2Qu8i
— ADA whale (@cardano_whale) October 19, 2022

The Cardano ecosystem has a rich set of DeFi developers, investors, community, and online presence. However, most projects are yet to go full-blown per their custom capabilities. 
According to market data provided by DefiLlama, the Cardano network has a Total Value Locked of $11.68 million, whereby SundaeSwap, ADAX Pro, and MeawSwapFi lead with $10.9 M, $751k, and $35k, respectively.
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The Cardano network has shown its resilience by surviving this long, following the 2021 bull market and the 2022 bear market. As a result, some crypto analysts think the network is destined for more gains in the coming years, particularly in the NFT market and the fast-growing Play-to-Earn industry.
“The NFT volume on Cardano is amazing. But wait for the DeFi stats, when the real behemoths of DeFi protocols go live on Cardano. This winter may be bad for the markets, but I have a feeling that this winter we will see the rise of DeFi in Cardano,” Sooraj, an analyst at Orbis, noted.
Related: NFT Traders run from Solana to Cardano due to network advantages
Consequently, the Cardano market cap has remained significant despite the sustained months-long bear market. At reporting time, Cardano enjoyed a market capitalization of $11,780,799,386, with a 24-hour trading volume of approximately $504,830,703.
According to on-chain data provided by Tokenview, Cardano (ADA) has 325,604 holders. Nevertheless, the number is still below the bar set by the likes of Doge, Ethereum, and Bitcoin, which have millions of holders.
The Cardano ecosystem is reported to have 44 Dapps as of today, according to dappsoncardano.com. The biggest anticipation is when all the Dapps will go full-blown in volume, particularly during bull markets. 
The Cardano network developers have been busy at work to make the ecosystem top of the blockchain list. Recently, the Cardano network undertook the Vasil upgrade, which was triggered on September 22, 2022.
John Kiguru is an astute writer with a great love for cryptocurrency and its underlining technology. All day he is exploring new digital innovations to bring his audience the latest developments.
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