- The 24-hour volume of Bitcoin had decreased by 84% from its 3-month high.
- A total of $31 billion was transacted in a single 24-hour period on February 19.
On-chain activity has surged on the Cardano blockchain, which currently trails only Bitcoin in current 24-hour transaction volume, according to Messari data. According to statistics from on-chain analytics startup Messari, Cardano (ADA) had a 24-hour transaction volume of $17.04 billion. Cardano (ADA) is now in second place in terms of market capitalization after Bitcoin (BTC), followed by Ethereum (ETH).
There has been a lot of movement on Cardano in the last several weeks. A total of $31 billion was transacted in a single 24-hour period on February 19. On the other hand, it’s still a long way from the $138 billion all-time record established on September 3, last year.
Massive Rush of Transactions
SundaeSwap, a decentralized exchange for Cardano, has boosted transaction volume significantly in recent weeks. Due to the massive rush of transactions sparked by the launch’s media attention, the blockchain was overloaded for days. According to Google’s Cardano Blockchain Insights, the total number of transactions on Cardano has surged from 5.5 million on March 30 last year to approximately 32 million on February 20.
Since both Bitcoin and Ethereum have recently witnessed a decrease in the network activity, Cardano’s rise to the top of the rankings was well-timed. The 24-hour volume of Bitcoin had decreased by 84% from its 3-month high on November 25, when it reached $116 billion. After reaching a three-month high of $21.29 billion on December 4, the volume of Ethereum has been falling ever since. On February 19, it fell 82% to a three-month low of $3.99 billion.
Messari indicates Ethereum still beats Cardano in numerous other critical network utilization measures, even though it trails in transaction volumes. Cardano has 3.4 million addresses compared to Ethereum’s 76 million.
