According to Messari, on-chain activity on the Cardano blockchain is exploding and currently ranks second behind Bitcoin in terms of 24-hour trading volume, surpassing Ethereum.

According to data from on-chain analytics firm Messari, ADA currently has a 24-hour trading volume of $17.04 billion. With Bitcoin at $18.85 billion and ETH at $5.25 billion, ADA is second in this category and very close to the top.

Overall, Cardano has strong activity this month.

On February 14, the 24-hour trading volume reached $35 billion and on February 19, it reached $31 billion. However, the volume is still a long way off the all-time high of $138 billion set on September 3 last year.

ADA daily trading volume from Jan 24th to Feb 22nd | Source: Messari

The increase in trading volume on Cardano over the past few weeks is largely due to the launch of a decentralized exchange (DEX) SundaeSwap. The hype surrounding the event has led to daily congestion on the blockchain due to the massive transaction volume.

Regardless of SundaeSwap’s impact on the network, the total number of transactions on Cardano increased by 480% from 5.5 million on March 30 last year to almost 32 million on February 20, according to the report. Cardano Blockchain Insights from Google.

Also, Cardano has good chances to rise as both Bitcoin and ETH have seen a drop in network activity lately. Bitcoin’s 24-hour volume is down 84% from its 3-month peak of $116 billion on Nov. 25. ETH volume has been falling since Dec. 4, when volume hit a 3-month high of $21.29 billion. On Feb. 19, it fell 82% to a 3-month low of $3.99 billion.

Daily ETH trading volume from November 25, 2021 to February 22, 2022 | Source: Messari

Despite lagging behind in terms of trading volume, Messari shows that Ethereum is still ahead of Cardano on a number of other key network usage indicators. For example, Ethereum has 76 million addresses while Cardano only has 3.4 million addresses.

Cardano has been listed by Morgan Stanley’s global investment office as an asset manager as one of the four blockchains that are “destroying Ethereum,” which could deprive Ethereum of the smart contract advantage due to its lower cost and speed. Other candidates included in the report are Solana, Polkadot, and Tezos.

Positive on-chain metrics have not helped ADA price as it is down 6% in the past 24 hours, according to CoinGecko. ADA is currently trading at $0.87, down 71% from its all-time high of $3.09 on September 2, 2021.

Source: Into the block

Additionally, about 4.37 million ADA holders faced huge losses as only 17,000 users made a profit.

Despite this, some members of the Cardano community remain optimistic, some ADAGang members tweets:

“ADA isn’t built for price, it’s built for purpose and based on principles.”

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