Cardano daily transaction volume surges but ADA prices slump

Cardano has experienced incredible activity this month. The 24-hour deal volume reached $35 billion on February 14, and $31 billion on February 19. It is still well listed below the $138 billion record volume that was set last September 3rd.

According to Messari data, Cardano (ADA), currently has $17.04 Billion in 24-hour transaction volume. Cardano presently ranks second in this classification, with Bitcoin (BTC), at $18.85 Billion, and Ethereum (ETH), at $5.25 Billion according to Messari. This metric is close to the top.

#Cardano has actually simply surpassed $LTC/$ ETH in deals volume. Are you bullish on $ADA?
— The Moon (@TheMoonCarl), February 21, 2022

Messari reports that Cardanos blockchain has seen an explosion of on-chain activity, tracking just Bitcoin in 24-hour deal volume. This surpasses Ethereum by a considerable margin.

ADA everyday tx volume January 24 to February 22 – Messari

According to Googles Cardano Blockchain Insights, in spite of the SundaeSwap result that Cardano had on the network the total cardano deals have actually increased 480% to 5.5 million on March 30, last year and near to 32 million on February 20th.

ETH everyday tx volume between Nov. 25 and Feb. 22– Messari

The launch of SundaeSwaps decentralized exchange (DEX) has caused Cardano to see a spike in transaction volume in current weeks. Due to the a great deal of transactions, the buzz surrounding this launch created days of blockage on blockchains.

Cardano remained in a good position to go up, as Ethereum and Bitcoin have actually both seen decreasing network activity recently. The 24-hour Bitcoin volume has fallen 84% since November 25, when it reached a peak of $116 Billion. Ethereum volume has actually been falling considering that December 4, when it reached a peak volume of $21.29 million. It fell 82% to $3.99 billion, a 3-month low on February 19.

Messari shows that Ethereum is still the dominant network in crucial metrics such as deal volume, in spite of being behind Cardano. Ethereum boasts 76,000,000 addresses, compared to Cardanos 3,000,000 addresses.

Related: 3air, a blockchain-based internet company, abandons Cardano in favor of SKALE network

According to CoinGecko, ADA rates have declined 13% in the last 24 hours regardless of favorable on-chain metrics. ADA currently trades at $0.833, which is 73% lower than its $3.09 high on Sep. 2, 2021.
Learn more

Morgan Stanleys wealth management global office noted Cardano as one of four Ethereum Killer blockchains that might replace Ethereums wise contract supremacy. This was because of their lower cost and faster speeds. Tezos, Polkadot and Solana were also consisted of in the report.

According to Messari information, Cardano (ADA), currently has $17.04 Billion in 24-hour deal volume. Cardano currently ranks second in this classification, with Bitcoin (BTC), at $18.85 Billion, and Ethereum (ETH), at $5.25 Billion according to Messari. Cardano was in a good position to move up, as Ethereum and Bitcoin have actually both seen declining network activity recently. Ethereum volume has actually been falling given that December 4, when it reached a peak volume of $21.29 million. Morgan Stanleys wealth management worldwide office noted Cardano as one of 4 Ethereum Killer blockchains that might change Ethereums wise agreement supremacy.