Data shared by one Cardano enthusiast revealed that Cardano (ADA) managed to double Ethereum’s (ETH) on-chain transaction volume at a point. During this period, ADA sat only behind Bitcoin
This data, gotten from Messari, reveals that over 24 hours on-chain transaction volume of Bitcoin was more than $21.6 billion. Cardano follows with $18.24 billion. Ethereum claimed the third spot with $9.31 billion, with Bitcoin Cash following with $4.5 billion.
Following Bitcoin Cash with diminishing volume are LTC, DOGE, BSV, and DOV. XRP occupies the 10th spot with an on-chain transaction volume of $533 million. The price of Cardano and its on-chain volume saw an explosion earlier in 2021 after it experienced its Alonzo hard fork, which is included among its “Gogen” era. This Gogen era is coming after the coin’s Shelley phase, where Cardano was turned into a decentralized blockchain, and the community members turned validators.
According to reports, ADA addresses involved in staking the crypto have increased, growing by more than 100,000 in about two months. This is happening because more investors are banking on ADA, as well as its ecosystem.
Recently, products of crypto investment say inflows of about $151 million. This inflow has happened in 13 consecutive weeks. Last week, Cardano saw inflows of $16 million, which some believe is likely due to the rising positive investor sentiment towards “World computer” coins.
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Wilson is a successful crypto analyst and content writer with many years of writing experience in finance and blockchain fields. His interests are in crypto-asset research and technical analysis, Fintech, Blockchain, DeFi, NFTs, and Personal Finance.