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Cardano Sees 6x More Transaction Volumes Than Ethereum at $42.1 Billion Topping in On-Chain Activity

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Thu, 03/03/2022 - 10:24
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Tomiwabold Olajide
Cardano outperforms Bitcoin and Ethereum in terms of transaction volumes with over $42.1 billion
Cardano Sees 6x More Transaction Volumes Than Ethereum at $42.1 Billion Topping in On-Chain Activity
Cover image via stock.adobe.com

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Per recent data from Messari, Cardano has seen six times more Ethereum transaction volumes in the last 24 hours at a present value of $42.1 billion. Overall, Cardano tops in on-chain activity, leading in 24-hour transaction volumes and adjusted transaction volumes as well.

Cardano outperformed lead cryptocurrencies Bitcoin and Ethereum, which recorded $36.38 billion and $7.42 billion, respectively. Adjusted transaction volume remains a good way to isolate only the most important transactions.

Messari
On-Chain Activity, Source: Messari.io

Cardano outperformed lead cryptocurrencies Bitcoin and Ethereum in adjusted transaction volumes, with a 24-hour volume of $41 billion compared to Bitcoin's $13.83 billion and Ethereum's $5.94 billion.

Cardano large transactions spike

Alongside this, the Cardano blockchain reported a massive rise in large transactions greater than $100,000 in the last 24 hours. Per IntoTheBlock data, the number of Cardano's large transactions has risen nearly 83% over the past day to 6,715.

IntoTheBlock
Large Transactions, Courtesy: IntoTheBlock

Large transactions are those in which the amount transferred exceeds $100,000, according to IntoTheBlock. The on-chain volume of these transactions gives an idea of the amount whales and institutional players transact on a given day.
 
Increases in the volume of large transactions indicate increased activity among institutional buyers and sellers.

As U.Today previously reported, Cardano continues to see accumulation as large addresses holding between 100,000 and 1 million tokens bought more than 16,000,000 ADA as the price neared the $1 mark on March 1.

In similar news, decentralized Cardano-based exchange AdaSwap has secured $2.6 million in funding from such investors as Pluto Digital, GBV Capital, iAngels, Finova Capital and Banter Capital. Israeli actress Gal Gadot, who became an international superstar with "Wonder Woman" in 2018, is among angel investors who have put their money into the project.

The former model says that participating in AdaSwap's funding round was "an exciting investment opportunity" for her. Cardano founder Charles Hoskinson has already welcomed Gadot, a former Israeli soldier, to the "Cardano family."

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.