- Cardano records a remarkable surge in whale transactions, settling an average of $13 billion daily, surpassing Ethereum’s $5 billion in similar transactions.
- Despite a downturn in market price, Cardano maintains dominance in large transaction volumes, showcasing resilience and appeal to large-scale investors.
In a noteworthy development in the cryptocurrency realm, Cardano (ADA) has emerged as a substantial competitor to Ethereum (ETH) in terms of large transaction volumes, according to the findings of the crypto analytics platform IntoTheBlock (ITB).
Over recent months, Cardano has experienced a notable surge in whale activity. Data from ITB reveals that the blockchain settles an average of $13 billion daily in transactions valued over $100,000, categorized as ‘large transactions.’ This volume significantly exceeds that of Ethereum, which reports a 7-day average of $5 billion in similar transactions.
Despite a bearish market sentiment, Cardano maintains its dominance in large transaction volumes, showcasing resilience and attractiveness to large-scale investors. In contrast, Ethereum, while experiencing a milder growth rate, has seen an increase in its large transaction volume by 6.74% to $4.16 billion over the past 24 hours.
The competition between Layer-1 networks, such as Cardano and Ethereum, mirrors the rivalry observed in the memecoin sector. Although Cardano’s community aspires to surpass Ethereum in market capitalization, the reality reveals a significant contrast. Ethereum boasts a massive market cap of $302,549,903,898, dwarfing Cardano’s $18.3 billion.
Cardano’s strength extends beyond whale volume, encompassing developer activity and network innovation. The blockchain consistently demonstrates its potential to attract significant transactions, indicating a robustness that appeals to large-scale investors and market participants.
Looking Ahead: Cardano’s Market Position
While Cardano’s market cap is notably smaller than Ethereum’s, its triumph in whale transaction volumes marks a significant milestone. This achievement reflects Cardano’s growing influence and potential in the cryptocurrency market.
As the dynamics among leading Layer-1 networks evolve, Cardano’s recent performance in whale transactions establishes a precedent, highlighting the ever-changing landscape of blockchain technology and digital assets. The ongoing competition fosters innovation and provides a diverse ecosystem for investors and users alike.