Charles Hoskinson, his blockchain has once again become one of the most active blockchain networks. It has similar transaction volumes to Bitcoin, but that doesn’t help the ADA’s price surge.
Transactions have skyrocketed on Cardano’s blockchain network and over the past 24 hours. Cardano’s transaction volume is similar to that of Bitcoin, surpassing Ethereum (data from Messari).
Cardano (ADA) currently had $17.04 billion in transaction volume in the last 24 hours. Messari Bitcoin (BTC) transaction volume is $18.85 billion and Ethereum (ETH) is $5.25 billion (data from Messari), with Cardano taking second and closing in on the position. top for this indicator
Overall This month has seen a lot of activity on Cardano, where as of Feb. 14 the volume of transactions within 24 hours reached $35 billion, and on Feb. 19 it hit $31 billion. That’s still far from the all-time high of $138 billion on September 3 last year.
Transaction volume on Cardano has grown exponentially in the past few weeks. This is largely due to the launch of decentralized exchange (DEX) SundaeSwap byAdvertisements about this launchIt causes congestion in the blockchain for several days from a large number of transactions.
Regardless of SundaeSwap’s impact on the network, the total number of transactions on Cardano rose 480% from 5.5 million transactions on March 30 last year to nearly 32 million transactions on February 20 this year. according to the informationof Google’s Cardano Blockchain Insights
It’s time for Cardano to move up the ranks. As both Bitcoin and Ethereum saw recent transactions decline, Bitcoin’s 24-hour transaction volume dropped more than 84% in three months from its peak of $116 billion on Nov. 25. Ethereum has fallen in three months since Dec. 4 from a high of $21.29 billion, down 82 percent to a three-month low of $3.99 billion on Feb. 19.
Despite the decline in transaction volume, Messari shows that Ethereum continues to outperform Cardano on other key network usage metrics. Ethereum There are more than 76 million addresses. Cardano There are only 3.4 million addresses, etc.
Cardano is rated by Morgan Stanley, a global investment firm. Named as one of four blockchains that will be the ‘Ethereum killer’ that will be able to usurp the smart contract superiority from Ethereum as it is cheaper and faster. And with several other blockchains, including Solana, Polkadot, and Tezos, the positive network indicators have not helped the ADA price surge, but have fallen more than 13% over the past 24 hours, according to the cryptocurrency. CoinGecko ADA is currently priced at $0.833, down 73% from $3.09 ATH on September 2, 2021.
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