The Cardano blockchain has seen an explosion in on-chain activity and is now trailing Bitcoin in 24-hour transaction volume, overtaking Ethereum in the process.according to Messari.
Cardano (ADA) currently has $17.04 billion in 24-hour trading volume, according to data from the on-chain analytics company Messari. With Bitcoin (BTC) at $18.85 billion and Ethereum (ETH) at $5.25 billion, according to Messari, Cardano is in second place in that category and is close to the first position for this metric..
#cardano just surpassed $LTC and $ETH in transaction volume.
Are you bullish on $ADA?
— The Moon (@TheMoonCarl) February 21, 2022
Cardano just overtook LTC and ETH in transaction volume. Are you bullish on ADA?
Overall, this month has seen tremendous activity on Cardano. On February 14, the 24-hour transaction volume exceeded USD 35 billion and on February 19 it reached USD 31 billion. However, it is still far from the all-time high of $138 billion in volume set on September 3 last year.
Transaction volume on Cardano has skyrocketed in recent weeks in large part due to the launch of the SundaeSwap decentralized exchange (DEX).. The hype surrounding this launch caused days of congestion on the blockchain due to the huge influx of transactions.
Regardless of the effect of SundaeSwap on the network, the total number of transactions on Cardano has increased by 480%, going from 5.5 million on March 30 last year to almost 32 million on February 20according to Google’s Cardano Blockchain Insights.
Conditions were ripe for Cardano’s rise as both Bitcoin and Ethereum have seen network activity decline of late.. Bitcoin’s 24-hour volume is down 84% from a three-month high of $116 billion on Nov. 25. Ethereum volume has been declining since Dec. 4, when it hit a three-month high of $21.29 billion. It is down 82% to the 3-month low of $3.99 billion on February 19.
Despite lagging behind in transaction volume, Messari shows that Ethereum continues to dominate Cardano in other key network usage metrics. Ethereum has 76 million addresses compared to 3.4 million Cardano addresses, for example.
Cardano was listed by Morgan Stanley’s global wealth management investment office as one of four “Ethereum killer” blockchains that could usurp the superiority of Ethereum smart contracts due to their lower costs and higher speeds.. The others in the report include Solana, Polkadot, and Tezos.
Positive on-chain metrics have not helped ADA priceswhich have plunged 13% in the last 24 hours, according to CoinGecko. ADA is currently trading at $0.833, down 73% from its all-time high of $3.09 on September 2, 2021.
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