Cardano’s daily transaction volume increases, but ADA prices plummet

According to Messari, Cardano has seen an explosion of on-chain activity. It now trails Bitcoin in 24-hour transaction volume.

According to data, Cardano ( ADA), currently has $17.04 Billion in 24-hour transaction volume. This is according to Messari’s on-chain analytics company Messari. Messari reports that Bitcoin ( ETH) is valued at $18.85 Billion and Ether ( _) is valued at $5.25 Billion. Cardano is currently in second place and is close to the top for this metric.

Cardano has witnessed a lot of activity this month. The 24-hour transaction volume reached $35 billion on February 14th, and it reached $31 trillion on Saturday. It is still far below the $138 billion volume record set last September 3rd.

Daily transaction volume of ADA from Jan. 24 through Feb. 22. Source: Messari

The launch of SundaeSwap, a decentralized exchange, has seen Cardano transaction volume rise in recent weeks. Due to the large volume of transactions, the hype surrounding this launch led to days of congestion on blockchain.

The total Cardano transactions have increased 480%, from 5.5 million on March 30, 2021 to almost 32 million on February 20, 2022, according Google’s Cardano Blockchain Insights.

Cardano was in a good position to move up, as Ethereum and Bitcoin have both seen decreasing network activity recently. Bitcoin’s 24-hour volume has fallen 84% since its Nov. 25 peak of $116 Billion. Since Dec. 4, when Ethereum volume reached a three month peak of $21.29 trillion, it has been falling. It fell 82% to $3.99 billion, a three-month low.

ETH daily transaction volume from Nov. 25 to Feb. 22. Source: Messari

Messari shows that Ethereum is still the dominant network in key metrics such as transaction volume, despite being behind Cardano. Ethereum boasts 76,000,000 addresses, compared to Cardano’s 3,000,000 addresses.

Similar: Blockchain-based Internet Company 3air leaves Cardano in favor of SKALE network

Morgan Stanley’s wealth management global office listed Cardano as one among the four “Ethereum killer blockchains” that could replace Ethereum’s smart contract supremacy. This is due to its lower cost and faster speeds. Tezos, Polkadot, and Solana were also included in the report.

ADA prices have declined 13% in the last 24 hours due to negative on-chain metrics according to CoinGecko. ADA currently trades at $0.833, a 73% drop from its $3.09 high on Sept. 2, 2021.

Opinion writer on 7trade7