Cardano Surpasses Ethereum with $6.5 Billion in Daily Transactions
Cardano, a prominent cryptocurrency, has witnessed an impressive surge in large transaction volume, hitting a remarkable $6.52 billion within a 24-hour period. This substantial figure places Cardano in close competition with Ethereum, a leading player in the crypto space.
Large Transactions Volume serves as a metric to gauge the total value transacted by significant players such as whales and institutional investors in a single day. Spikes in large transaction volumes typically signify heightened activity among institutional players engaging in substantial buying or selling activities, with large transactions defined as those exceeding $100,000.
Data sourced from IntoTheBlock reveals that Cardano’s large transaction volume of $6.52 billion in a day nearly matches Ethereum’s $6.94 billion during the same timeframe. While Ethereum maintains its dominance in terms of total value locked (TVL) and the number of decentralized applications (dApps), Cardano’s notable large transaction volume hints at a growing interest from institutional investors towards the cryptocurrency.
The surge in Cardano’s large transaction volume occurs amidst a broader market downturn. Ethereum, the second-largest cryptocurrency by market capitalization, experienced a 20.94% decrease in large transaction volume as its price dipped by 4.22% to reach $3,177 within the last 24 hours.
Cardano itself faced a 3.82% decline, trading at $0.385, positioning it as the 10th largest cryptocurrency by market cap. This emphasizes the significance of the notable growth in its large transaction volume.
The cryptocurrency market encountered selling pressure as prices sharply declined following the July Federal Reserve meeting. The majority of cryptocurrencies witnessed losses as investors assessed the outcomes of the meeting, with uncertainties prevailing over a potential rate cut in September.
Following the July meeting, the Federal Reserve opted to maintain benchmark interest rates at their current levels, offering limited indications of an imminent rate cut in September. Fed Chair Jerome Powell hinted at a possible interest rate cut in the future, stating that while no definitive decisions have been made regarding a September cut, there is a general sentiment that such a move may be on the horizon.
