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Over $ 18.24 billion was traded on Cardano in just one day last week

The silent competition between Cardano and Ethereum appears to be peaking as the volume of transactions on Charles Hoskinson’s blockchain is almost twice that of the network of the second largest crypto-asset by market capitalization.

Cardano’s on-chain transaction volume ranks second after Bitcoin

According to data from Messari, a leading cryptanalysis platform, Cardano’s on-chain transaction volume ($ 18.24 billion) is just below that of Bitcoin ($ 21.6 billion). Ethereum, on the other hand, had a trading volume of $ 9.31 billion.

The most active series in 24 hours | The source: Messari

Other assets in the top 10 like Bitcoin Cash with a volume of 4.5 billion US dollars, Litecoin 3.4 billion US dollars, the popular meme coin Dogecoin with 1.13 billion US dollars. The remaining names Bitcoin SV, Polkadot, Dash and XRP have a cumulative trading volume totaling $ 2.84 billion on their networks.

Interestingly, the on-chain transaction volume at Ethereum rose to $ 15.72 billion in the last 24 hours, but is still behind Cardano at $ 17.29 billion, according to Cardano Messari.

Most of the ADA price and trading volume has improved since the Alonzo hard fork phase of the network, which enabled intelligent contract functionality for the asset. This enables Cardano to position itself in the area of DeFi and NFT adoption compared to other platforms such as Ethereum, Solana and Binance Smart Chain.

Cardano’s silent march to glory

follow data from CoinMarketCap, one of this year’s best performing assets is ADA with a massive 1 year ROI of 8451.29%. This is also confirmed by the data from IntoTheBlock, where around 45% of the wallets are currently holding the asset profitable.

While ADA is experiencing a price correction along with the broader market, institutional inflows will remain unaffected as the asset has seen inflows near ETH.

According to the report, “ETH inflows totaled $ 17.3 million last week, followed by ADA steady at $ 16.4 million”.

ADA 4-Hour Price Chart | Source: Tradingview

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.