By transaction volume, Charles Hoskinson’sblockchain has become one of the most active networks of Bitcoins, but it still has not helped the price of ADA.
According to Messari, the Cardano has experienced an increase in on-blockchain activity and now follows Bitcoin transaction volume in the last twenty-four-hours, surpassing Ethereum in the process.
On-chain analytics firms Messari data shows that in 24-hour transaction volume Cardano (ADA) presently has $17.04 billion, with Ether (ETH) at $5.25 billion and Bitcoin (BTC) at $18.85 billion. In this category, Cardano is in second place and closing on the top position of the metric.
Cardano has seen overall enormous activity this month. 24-hour transaction volume exceeded $35 billion on Feb 14 and reached $31 billion on Saturday. Although, it is still far away from an all-time high of $138 billion volume set last year on Sep 13.
Due to SundaeSwap, decentralized exchange launch in the recent weeks Cardano transaction volume increased in most parts. Days of congestion caused by the hype of this launch on the blockchain due to the huge volume of transactions.
As per Google’s CardanoBlockchain review, the Cardano total number of transactions has spiked four hundred eighty percent from 5.5 million on Mar 30, 2021, to almost 32 million on February 20, 2020, Despite the SundaeSwap effect on the network.
Conditions were favorable for Cardano’s moving up the ranks as Ethereum and Bitcoin have recently seen a decline in their network activities. On Nov 25, the 24-hour transaction volume of Bitcoin is 84% down from the three months peak of $116 billion. Ethereum transaction volume has been also decreasing since Dec 4, reaching its three-month peak of $21.29 billion, which was down to 82% low of $3.99 billion of three months on Saturday.
Regardless of lagging in number of transactions, MessariconfirmsEthereum is still stronger than Cardano in many other key network metrics. For example, Ethereum possesses seventy six million addresses compared to 3.4 million Cardanoaddresses.
Cardano was among the list of four Ethereum killer blockchains according to the WMGI (wealth management global investment) office of Morgan Stanley, which could take over smart contract lead from Ethereum because of its faster speeds and low costs. The others included in the report are Tezos, Solana, and Polkadot.