Even though the market has been facing declines, Cardano has managed to surpass Ethereum in terms of large transactions, with daily volumes reaching a staggering $13 billion.
In the past 24 hours, Cardano’s ADA price dropped by 2.56% to $0.5177, while Ethereum saw a milder 0.85% decrease to $2,516.35.
Cardano has recently outpaced Ethereum in terms of large transaction volumes, as data from the crypto analytics platform IntoTheBlock (ITB) reveals. Cardano’s 30-day volume of large transactions, defined as those exceeding $100,000 in fiat value, is significantly higher than Ethereum’s. This development comes at a time when the crypto market is going through a bearish phase.
Cardano whales have been highly active in recent months, with an average of $13 billion in large transactions being settled on Cardano daily. This is a significant amount when compared to Ethereum’s 7-day average of $5 billion.
Cardano is known for its scientific approach to blockchain development and its strong focus on sustainability. However, its market price and capitalization have dipped by 4% in the past 24 hours, currently standing at $0.5 and $17 billion respectively. On the other hand, Ethereum, the leading smart contract network in the industry, has experienced a milder decline of 1.96% in the same period, with its price adjusting to $2,487.35.
Ethereum continues to hold its position in the market with a slower growth rate, while Cardano is witnessing a strong influx of large transactions. According to IntoTheBlock data, the weekly average of Ethereum’s huge transactions is approximately $5 billion, mostly made by market whales. However, Ethereum’s transaction volume has recently seen an increase of 6.74% to $4.16 billion in the past 24 hours. This increase, however, pales in comparison to Cardano’s higher volume, which currently stands at $11.24 billion but has dropped by 8.74% in the same period.
Ethereum remains a major force in the cryptocurrency market, being the first to develop smart contract technology and pave the way for decentralized apps (dApps). It continuously upgrades to a proof-of-stake consensus process to address scalability and environmental concerns, which are crucial for its long-term viability.
The competition between Layer-1 networks like Ethereum and Cardano reflects the larger dynamics in the cryptocurrency market. Although it is one of the community’s aspirational goals to have the Cardano protocol surpass Ethereum in market valuation, this objective seems far-fetched. Ethereum’s market capitalization is currently at $302,549,903,898, while Cardano’s is only $903,898.
Cardano’s immediate focus should be on leveraging its current strengths, including the recent surge in whale transaction volume and its ongoing developer activity. These factors play a crucial role in establishing Cardano as a strong competitor in the blockchain market, challenging Ethereum’s established dominance.
Both Cardano and Ethereum have been affected by the prevailing bearish sentiment in the crypto market, but to different extents. ADA has fallen below the 50-day Exponential Moving Average (EMA), which is considered a bearish signal that could lead to further declines or a period of market consolidation. The combination of high transaction volumes and ADA’s negative price action raises questions about the long-term strategies of large-scale investors in Cardano.
Despite these challenges, the Cardano community remains optimistic about its long-term prospects, especially in its ambition to surpass Ethereum in market capitalization. However, with Cardano’s current market cap at $18.3 billion, significantly lower than Ethereum’s $302.5 billion, this goal appears more aspirational in the current market context.
