Cardano Is Now Surpassing the Bitcoin’s Transaction Volume for the 2nd Time

February 22, 2022 - Around 2 mins mins to read

Cardano Is Going Up?

The adjusted transaction volume processed by the Cardano blockchain has reached $16.71 billion, according to Messari’s most active chains dashboard. In comparison, the Bitcoin network had a transaction volume of $9.23 billion. With $3.84 billion in transaction volumes, Ethereum came in third.

Among the top three most active blockchains, Cardano also emerged as the cheapest to transact on. At the time of writing, the fees accrued in 24 hours for the massive transaction volume Cardano recorded was just under $50,000. Over $220,000 in transaction fees were collected by the Bitcoin network, while Ethereum users paid $19.77 million in transaction fees.

This isn’t the first time the world’s largest proof-of-stake blockchain network has accomplished this. Cardano outperformed Bitcoin earlier this month, with $17.15 billion in transaction volume compared to $15.11 billion for Bitcoin.

The network passed the 3 million ADA wallets milestone last week. The number of wallets is also rapidly growing, with over 9,000 new ones added today.

The network has also been upgraded to keep up with the increased on-chain activity. Its most recent upgrade increased the network’s block size as well as the capacity of Plutus scripts. This would allow more transactions and smart contract scripts to be fitted in each block of transactions on the network, resulting in significantly faster transaction speeds.

Regardless, the price of ADA has been fluctuating. The price of $ADA was up 0.55% on the day. According to data from CryptoRank, the current price of ADA is down 14.5% year over year. Nonetheless, investors remain optimistic that the price of ADA will rise to meet expectations.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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