Cardano Daily Transaction Volume Up, But ADA Prices Remain Sluggish

Cardano

Featured image from VOI, chart from TradingView.com

Cardano is now positioning itself among the rapidly growing blockchain networks by 24-hour transaction volume, surpassing Ethereum and threatening to surpass Bitcoin. Along with this demand, however, is its soaring price.

The total number of transactions on Cardano has increased at around 500%, skyrocketing from 5.5 million in March last year to around 32 million this month, according to Google’s Cardano Blockchain Insights.

ADA, Cardano’s internal cryptocurrency, currently has a total market cap of $29.245 billion. It is listed on the No. 7 spot in CoinMarketCap’s rankings of the leading cryptocurrencies.

ADA is currently trading at $0.871949, according to Coingecko’s chart.

Cardano TVL up 25%

The digital token’s price also rose by 30% within the past week and over 20% in the last month. 

DeFi Llama data show that Cardano now has around $3 million worth of digital assets locked in its TVL which is a 25% growth within the last 24 hours alone.

Still, despite the potential exhibited by Cardano network, the digital currency is still far away from overcoming its all-time high of $3.09 which was its price in early September of last year.

Moreover, the ADA coin has lost around 2% of its gains within the last 24 hours, with its trading price at $1.49, according to CryptoSlate.

ADA total market cap at $29.245 billion in the daily chart | Source: TradingView.com

Related Article | Survey Predicts Cardano (ADA) Hitting $58 By Year 2030 – And Finish 2022 At $2.72

Project Launch, Cheaper Fees

Blockchain analysis states that ADA’s recent surge can be attributed to the mainnet launch of SundaeSwap, a native, scalable decentralized exchange and automated liquidity provision protocol, last January. 

This project attracted investors for its Initial Stake Pool Offering (ISO), enabling Cardano owners to streamline their respective coins. It also increased their chances of earning rewards after a certain period of time.

Aside from this project, the blockchain conditions of both Bitcoin and Ethereum were simultaneously declining in network activity. 

Bitcoin, Ethereum Down

Bitcoin’s 24-hour volume was down by around 80% from its 3-month peak of $116 billion. 

Meanwhile, Ether blockchain’s transactions have been decreasing since its three-month peak of $20 billion last December. It hit as low as 82% to a three-month low of nearly $4 billion on Feb. 19.

Some analysts further say that this spike is also because transacting on Cardano is a lot cheaper than in Ethereum. 

For context: while hitting a record-high in daily transactions and overcoming Ethereum, Cardano only generated less than $100k in transaction fees compared to the latter which earned more than $40 million in fees alone. 

Related Article | Verlux, A Cardano Based Project Announces Updates On Its Up-Coming Staking Platform

Featured image from VOI, chart from TradingView.com
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