Cardano (ADA) has proven that it can outshine Ethereum (ETH), the industry’s largest smart contract network, in one of the most understated ways.
According to data from crypto analytics platform IntoTheBlock (ITB), the 30-day volume of large transactions on Cardano has far outstripped that of Ethereum. This update comes in the wake of the general market push to wriggle out of the current bearish situation that is playing out in the ecosystem thus far.
Cardano’s market price and capitalization are down by 2.56% in the past 24 hours to $0.5177 and $18,322,533,885, respectively, as the trading volume has dropped by 15.56% to $285,507,234. Ethereum has a milder growth rate, having slipped by 0.85% in 24 hours to $2,516.35.
The Cardano Advantage
Over the past few months, Cardano has always recorded massive inflows from market whales. Despite the dampened sentiments overall, the IntoTheBlock data showed that a total of $13 billion in large transactions is settled on the Cardano blockchain on average daily. By definition, the platform considers ADA transactions above $100,000 in fiat value as ‘Large.’
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
By comparison, Ethereum only records a total of $5 billion in whale transactions on average per week. At the moment, the bearish sentiment in the market has subtly tilted the whale transaction trend in Ethereum’s favor per rate of change over the past 24 hours.Â
The data from IntoTheBlock shows that Ethereum’s large transactions have soared by 6.74% to $4.16 in 24 hours. Cardano on the other hand maintains a larger volume pegged at $11.24 billion but with an 8.74% slump within the same period.
Will Cardano Flip Ethereum?
Just the way there is a fight for dominance in the memecoin world, so also is there a foundational tussle amongst Layer-1 networks to outshine one another. One of the biggest ambitions of Cardano community members is to see the protocol flip Ethereum in market capitalization in the long term.
This is a distant dream, considering Cardano’s $18.3 billion market cap is just a fraction of Ethereum’s $302,549,903,898 capitalization. For the foreseeable future, Cardano may need to relish its areas of strength, including whale volume and developer activity.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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