The Cardano network is now in the second position to Bitcoin, thereby outpacing both Litecoin as well as its rival smart contract platform Ethereum in terms of 24-hour transaction volume.
Cardano’s On-chain Activity
According to the data curated by Messari, over the past day, the Cardano blockchain registered a transaction volume of a whopping $17.04 billion. It is still far from the peak volume of $138 billion established in the first week of September last year.
Notably, the network hasn’t seen much success in the last five months despite several key updates. However, Cardano is now ranked second in terms of daily estimated on-chain transaction volume, while Bitcoin tops the chart with a massive $39.3 billion. Over the same period, the transaction volumes for Ethereum and Litecoin networks were at $5.25 billion and $7.20 billion, respectively.
As depicted on the stats by the prominent crypto analytic company IntoTheBlock, the number of new daily addresses being created on the network has seen two major upticks in the last two weeks. Crypto Analyst Ali Martinez believes that a sustained increase in this metric typically precedes a spike in price volatility for ADA.
Cardano has been at the receiving end of criticisms when it comes to implementing new features and functions into its codebase. But since the beginning of 2022, the network has reportedly risen by approximately 13 GB, further demonstrating the growing chain activity.
Since 1st January Cardano Blockchain grew by about 13 GB. Historically speaking this is a lot and clearly there is a lot of chain activity. pic.twitter.com/kV15bjeP9O
— Cardano Blockchain Insights (@InsightsCardano) February 21, 2022
ADA Holders at a Loss
Recently, the search engine giant, Google, added ADA to its currency conversion rate calculator, enabling users to convert the crypto to several fiat currencies, such as USD, GBP, EUR, etc.
Despite the significant recognition and a renewed turnaround in Cardano’s network activity, ADA’s price did not undergo any improvement. The asset has been downhill for months.
After suffering fresh daily losses of 13% now, ADA trades around $0.85. According to IntoTheBlock, more than 92% of ADA holders were in loss. The crypto-asset was down by well over 70% from its all-time high of $3.1.
CryptoPotato earlier reported that ADA had lost the psychological critical support level of $1 and has so far failed to reclaim it. It was now cruising along the immediate support area, failing to hold which may trigger a drawdown to $0.68-level.