Cardano Transaction Volume Beats That of Bitcoin and Ether Combined

Cardano blockchain has continued its bullish start to the year as available data shows that the network has more transaction volume than the two most illustrious digital assets, Bitcoin, and Ether.

Transacting on Cardano is Cheaper Than on Ethereum and Bitcoin

According to data from Messari.io, Cardano, within the last 24 hours saw a transaction volume of $17.56 billion. On the other hand, the flagship digital asset, Bitcoin, within the same time frame was only able to record $10.65 billion while Ethereum recorded $5.77 billion.

What this means is that the spate of recent DeFi activities that the Cardano network has recorded has led to increased adoption by the public. Interestingly, Cardano, at some point in January, saw its transaction volume beat that of Ethereum. 

While a higher transaction volume usually translates to high transaction fees for Bitcoin and Ethereum, the reverse is the case for Cardano. 

Data from Messari shows that the two leading crypto networks cumulatively charged close to $20 million for transactions on their blockchain. Cardano’s blockchain, however, charged only $51,985 for transactions on its ecosystem.

This also means that transacting on Cardano is not only rising but it is much cheaper than those of its rivals.

Cardano’s Price Still Below $2

Cardano might be seeing an increased trading volume than its more illustrious partners but that has not translated to a green run for the price of the digital asset.

Available information shows that the asset is currently trading for $1.03 after dropping by over 3% in 24 hours, which is a long way off its $3 ATH. This also makes the value lag behind other smart contract-enabled rivals like Solana, Terra, Avalanche, and Ethereum.

On the other hand, Ethereum is trading for $2877 after dropping around 2% in 24 hours and over 6% in the last even days.

Bitcoin remains the priciest digital asset as it is currently exchanging hands for $42,281 after dropping by less than 1% in 24 hours. It is important to note that the asset is miles away from the $69k ATH it set last year.