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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Cardano Daily Transaction Volume Up, But ADA Prices Remain Sluggish

Christian Encila
Christian Encila
1 year ago
3 mins read
Cardano

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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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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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