The Cardano network is busier than ever. A flurry of activity on Cardano has helped to push its transaction volume in the last 24 hours above that of Ethereum and XRP.
Cardano Surpasses Ethereum And XRP In Usability
While the Cardano blockchain processed a record $17.04 billion last week, Ethereum registered a total transaction volume of $5.25 billion and XRP sat at $700 million, according to data provided by Messari.
Cardano is still ahead of Ethereum and XRP in terms of the 24-hour adjusted transaction volume, hitting $12.75 billion on the day while XRP and Ethereum register $613 million and $3.56 billion respectively.
This is not the first time Cardano has surpassed Ethereum in daily transaction volume. Earlier this month, Cardano outpaced both bitcoin and ethereum for most transaction activity. Notably, this was the first time Cardano exceeded the benchmark crypto’s adjusted transaction volume.
Ethereum, which is the perceived smart contracts leader, has seen a lot of success as developers scramble to the network. This has, however, led to network congestion, which has driven gas fees higher. That’s sent users to speedy proof-of-stake (PoS) rival blockchains like Cardano where transaction fees are cheaper.
Where Is ADA’s Price Headed?
Cardano’s development in recent months has been commendable and can be seen in the growth of its market capitalization. In addition, the Cardano blockchain has expanded by approximately 13 GB since the beginning of the year — implying a lot of chain activity.
While all these elements depict a vibrant Cardano blockchain, ADA’s price at publication time was $0.947046 and was up only 0.5% over the last 24 hours. Despite the recent attempt to stage a recovery, the token is still approximately 69.3% away from its all-time of $3.09 set back in September 2021. The seventh biggest coin by market cap is also down 16% over the last month.
Bitcoin, thanks to its dominance within the market, could aid altcoins’ revival in the near future if it’s able to mount a sustainable rally. But in the meantime, the majority of cryptocurrencies appear to be struggling to shrug off weeks of lackluster performance.
Meanwhile, a fintech panel at Finders expects ADA to be valued at over $2.79 by the end of the year.