Once again Cardano blockchain has become one of the most operative daily transaction volume platforms. However, this harmed ADA’s price as it was continually going down on Tuesday.
The price of Cardano went down by 14.4% on the day with a volume of $2,410,584,358 from the day-to-day trading. However, this has spiked by 61% in the past 24 hours. This is indicating an increase in ADA inflow in the exchanges, which is not a very good sign.
According to Messari, an on-chain analytics firm, Cardano has $17.04 billion at the moment in the last 24 hours transaction volume, with ETH (Ethereum) at $5.25 billion and BTC (Bitcoin) at $18.85 billion. Cardano stands at the second position in that category and closing in on the first position in the metric.
All in all, Cardano had a tremendous activity this month. 24-hour transaction volume on February 14 capped $35 billion and this reached $31 billion on Saturday. However, this is nowhere near the $138-billion volume, the all-time high set last year on 3rd September.
Cardano’s transaction volume spiked during the recent week in big parts because of the SundaeSwap decentralized exchange launch. All the hype due to this launch caused days of blockage on the blockchain as a result of a huge influx of transactions.
Irrespective of the SundaeSwap outcome on the network, Cardano’s number of transactions has increased by 480%. According to the Cardano Blockchain Insights by Google, It was 5.5 million on 30th March 2021 and now on 20th February, it stands at 2 million.