This positive shift comes amid the broader market’s collective effort to break free from the persisting downtrend.
According to insights provided by IntoTheBlock, the 30-day volume of significant transactions on the Cardano network has witnessed a substantial surge, surpassing the equivalent figures for Ethereum.
Notably, ADA whales have been notably active in recent months, contributing to an impressive total of $13 billion in transactions exceeding $100,000. This surge signals a revitalization of the Cardano network.
Cardano whales have been quite active for the past few months. $13B in large transactions (>$100k) is being settled on Cardano daily on average. A significant amount, if you compare it to Ethereum's $5B 7-day average. pic.twitter.com/8rjeQZaonU
— IntoTheBlock (@intotheblock) January 18, 2024
Ethereum Maintains $5 Billion Transaction And Cardano Price Action To Watch
In contrast, Ethereum has maintained an average of $5 billion over a seven-day period for transactions of comparable size. The comparison highlights Cardano’s recent surge in substantial transaction volume, showcasing a distinct trend in its favor.
Despite this positive development, it’s essential to note that, similar to several other altcoins, ADA has experienced a decline in price over the past few weeks. The token recorded a 5% decrease in the last 24 hours and a 15% dip in the past seven days.
This price movement suggests a nuanced scenario where Cardano demonstrates strength in on-chain activities, while market dynamics continue to impact its short-term valuation.
Cardano’s unique standing in terms of significant transaction volume indicates a potential shift in investor behavior and network activity. As the cryptocurrency landscape evolves, observing how Cardano sustains and builds upon this momentum will be crucial in understanding its role in the broader market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.