More

    Cardano Reaches All-Time High, Ahead of Ethereum in Transaction Volume

    Today has been a monumental day for Cardano. Caught within the recent crypto bull market, its token, ADA, hit a new all-time high price of $1.38 this evening. This marks an increase of approximately 2600% over the past year, as tracked by Messari. 
    In fact, this milestone brings with it more good news for the smart contract platform. Over the past 24 hours, the surge of interest in Cardano has brought its on-chain transaction volume to $19.8 Billion, soaring past Ethereum’s $13.2 billion and second only to Bitcoin at $27.2 billion. 
    All this activity has brought ADA’s market cap has exceeded both BNB and USDT to the third highest in the market, behind Bitcoin and Ethereum.
    Initially released in 2017, Cardano was created by Ethereum Co-Founder Charles Hoskinson, through his company Input Output Hong Kong (IOHK) and the Cardano Foundation. Although he had previously expressed apathy towards the value of ADA, Hoskinson appears to be celebrating Cardano’s achievements on Twitter:

    One of these nights https://t.co/pPNmIHo0os
    — Charles Hoskinson (@IOHK_Charles) February 27, 2021

    Cardano as a Smart Contract Platform
    Cardano’s recent success comes as a surprise given its lack of major projects utilizing the blockchain. Although it has surpassed Ethereum in terms of transaction volume, Ethereum remains far more popular with regard to blockchain-based applications. This raises the question, will Cardano be able to maintain this success without dApps to legitimize it as a platform for developers?
    However, Cardano’s lack of major applications may eventually change due to the publicity of ADA’s recent bull run. Cardano’s previous lack of volume may have acted as a deterrent to developers looking for a platform for their application, ultimately attracted by the ensured popularity of the Ethereum network. 
    Alternatively, a developer might also consider the EVM-compatible Binance Smart Chain (BSC), which has found recent success in the realm of smart contracts. BSC remains noteworthy due to its popularity with recent larger applications despite a far lower market cap than Cardano.
    This incredible surge of price may act as a resolution to the “chicken and the egg” scenario of lacking dApps due to lower volume and popularity, and lacking volume and popularity due to the lack of major dApps on the Cardano network. This bull market may very well put not only ADA’s future value in question, but Cardano’s future usage as a smart contract platform.
    At the timing of writing, ADA remains just beneath its ATH and is holding steady, up 34% over the past 24 hours. Transaction volume continues to grow as ADA shows no signs of backing down.
    Featured Image from Unsplash

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Newsletter

    Subscribe to stay updated.

    bitcoin
    Bitcoin (BTC) $ 47,546.00
    ethereum
    Ethereum (ETH) $ 3,417.08
    cardano
    Cardano (ADA) $ 2.37
    tether
    Tether (USDT) $ 1.00
    binance-coin
    Binance Coin (BNB) $ 412.18
    xrp
    XRP (XRP) $ 1.07
    solana
    Solana (SOL) $ 144.00
    polkadot
    Polkadot (DOT) $ 33.77
    dogecoin
    Dogecoin (DOGE) $ 0.243240
    usd-coin
    USD Coin (USDC) $ 1.00
    avalanche-2
    Avalanche (AVAX) $ 65.21
    terra-luna
    Terra (LUNA) $ 35.04
    binance-usd
    Binance USD (BUSD) $ 1.00
    chainlink
    Chainlink (LINK) $ 28.29
    uniswap
    Uniswap (UNI) $ 24.64
    litecoin
    Litecoin (LTC) $ 181.67
    bitcoin-cash
    Bitcoin Cash (BCH) $ 627.41
    algorand
    Algorand (ALGO) $ 1.96
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 47,569.00
    cosmos
    Cosmos (ATOM) $ 34.15
    matic-network
    Polygon (MATIC) $ 1.39
    internet-computer
    Internet Computer (ICP) $ 56.29
    filecoin
    Filecoin (FIL) $ 84.81
    stellar
    Stellar (XLM) $ 0.322249
    ftx-token
    FTX Token (FTT) $ 63.14
    tron
    TRON (TRX) $ 0.105976
    vechain
    VeChain (VET) $ 0.113403
    ethereum-classic
    Ethereum Classic (ETC) $ 57.10
    theta-token
    Theta Network (THETA) $ 6.37
    dai
    Dai (DAI) $ 1.00
    compound-ether
    cETH (CETH) $ 68.54
    tezos
    Tezos (XTZ) $ 6.25
    eos
    EOS (EOS) $ 5.37
    elrond-erd-2
    Elrond (EGLD) $ 250.99
    okb
    OKB (OKB) $ 18.68
    pancakeswap-token
    PancakeSwap (CAKE) $ 21.69
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.190588
    aave
    Aave (AAVE) $ 364.88
    monero
    Monero (XMR) $ 262.69
    quant-network
    Quant (QNT) $ 349.74
    iota
    IOTA (MIOTA) $ 1.68
    cdai
    cDAI (CDAI) $ 0.021695
    bitcoin-cash-abc-2
    Bitcoin Cash ABC (BCHA) $ 237.80
    compound-usd-coin
    cUSDC (CUSDC) $ 0.022257
    ecash
    eCash (XEC) $ 0.000234
    staked-ether
    Lido Staked Ether (STETH) $ 3,394.54
    shiba-inu
    Shiba Inu (SHIB) $ 0.000008
    hedera-hashgraph
    Hedera Hashgraph (HBAR) $ 0.437988
    the-graph
    The Graph (GRT) $ 0.825240
    near
    Near (NEAR) $ 8.45