In the mainstream crypto sphere, not a lot of people talk about cryptocurrencies other than Bitcoin and Ethereum. Bitcoin has become a sort of household name among crypto enthusiasts as well as those who dabble in financial trading in general. Yet, there’s been a piece of very good news for cryptocurrencies that have not made it to the level of Bitcoin and Ethereum. In the domain of altcoins, Ethereum dominates the market. But recently, over $18.24 billion was transacted on Cardano.
The Numbers
By on-chain transactions’ volume, Cardano has now overtaken Ethereum. It’s the major altcoin now and is right behind Bitcoin. Moreover, the difference between the on-chain transactions’ volume of the two coins is not much. According to the reports, the gap consists only of $3 billion dollars (estimated). It could be that Cardano might take over Bitcoin in this regard.
The Reason
The reason behind this sudden jump of Cardano is perhaps the network’s hard fork upgrade, Alonzo. This hard fork was done in order to introduce smart features. The Alonzo upgrade was launched sometime in mid-September. Then, it was welcomed with open arms by the Cardano community. As predicted, the upgrade has brought about significant improvements in the network and, consequently, the value of Cardano. Now that Cardano has taken other crypto giants in the market by surprise, only time will tell how far this cryptocurrency goes.
For most crypto enthusiasts who want the sphere to grow, this is undeniably very positive news
