Cardano’s Daily Transactions Volume Surges, ADA Prices Crash PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Cardano’s Daily Transactions Volume Surges, ADA Prices Crash

Time Stamp: February 22, 2022 12:54 PM

Cardano’s daily transactions volume surges while the ADA prices crashed to new lows as we can see further in our latest Cardano price news.

Charles Hoskinson’s blockchain became one of the most active networks by transaction volume as it approached the one of BTC but none that it helped the price of ADA. Cardano now has $17.04 billion in a 24-hour transaction volume as per the data Messari. With BTC at $18.85 billion and ETH at $5.25 billion so now Cardano is in second place in the category and it is closing in on the top position for the metric.

This month has seen some strong growth on Cardano and the 24-hour transaction volume topped $35 billion while on Saturday It reached $31 billion. However, it is still far from reaching $138 billion from its all-time high in the volume set in September of 2021. Cardano’s daily transaction volume spiked again as previously we saw it happen from the hype around SundaeSwap decentralzied exchange. The hype around the launch caused days of congestion on the blockchain from the influx of transactions.

Regardless of the Sundaeswap effect on the network, the total number of transactions on Cardano increased 480% from 5.5 million in 2021 to 32 million in 2022 as per the Google Cardano blockchain Insights data. The conditions were ripe for Cardano’s move up the ranks as both BTC and ETH were declining in network activity. Bitcoin’s 24-hour volume got down by 84% from the three-month peak of $116 billion while ETH’s volume was declining in December when its volume reached a three-month peak of $21.29 billion and it got down by 82% to a three month low of $3.99 billion back over the weekend.

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ADA daily transaction volume from Jan. 24 to Feb. 22. Source Messari

Despite the trailigns in transaction volume, Messari shows that ETH dominates Cardano in a few other key network usage metrics and it has 76 milion addresses to Cardano’s 3.4 million addresses as an example. Cardano was also listed by Morgan Stanley’s wealth management global investment office as the Ethereum killer blockchain that is able to usurp smart contracts superiority from ETH due to the lower costs and the fast speeds. The others in the report included Tezos, Polakdot, Solana. The positive on-chain metric didn’t help the ADA Prices which slumped 13% over the past 24 hours and now ADA is trading at $0.833 down by 73% from its all-time high set in September last year.

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