Sunday , November 24 2024
Home / Blockchain / Cardano Sees 50x Increase in Large Transactions in 2022

Cardano Sees 50x Increase in Large Transactions in 2022

Summary:
IntoTheBlock – a blockchain intelligence firm – has reported a surge in interest for Cardano among institutional buyers. It cites a parabolic 50x increase in the cryptocurrency’s on-chain transactions worth over 0,000 in 2022 alone. As tweeted by the firm yesterday, over 69 billion ADA were moved as part of such large transactions just yesterday. They represented over 99% of the total on-chain volume for Cardano. That’s compared to just 1.35 billion ADA in trading volume on January 1st, representing a 51-fold increase since. This is one of the highest volume levels ADA has seen since mid-2018. The cryptocurrency’s volume is still reportedly around .4 billion according to exchange data, providing more evidence that these transactions are happening OTC. ADA’s price has

Topics:
Andrew Throuvalas considers the following as important: , , ,

This could be interesting, too:

Mandy Williams writes Retail Investors Persist in Holding ETH Despite Asset’s Recent Surge: CryptoQuant

Chayanika Deka writes South Korean Police Confirm North Korea Orchestrated the M Upbit Crypto Heist

Wayne Jones writes New York Judge Approves Celsius’s Request to Serve Legal Notices Through NFT Airdrops

Andrew Throuvalas writes SEC Chairman Gary Gensler Confirms He Will Step Down In January

IntoTheBlock – a blockchain intelligence firm – has reported a surge in interest for Cardano among institutional buyers. It cites a parabolic 50x increase in the cryptocurrency’s on-chain transactions worth over $100,000 in 2022 alone.

  • As tweeted by the firm yesterday, over 69 billion ADA were moved as part of such large transactions just yesterday. They represented over 99% of the total on-chain volume for Cardano.
  • That’s compared to just 1.35 billion ADA in trading volume on January 1st, representing a 51-fold increase since. This is one of the highest volume levels ADA has seen since mid-2018.
  • The cryptocurrency’s volume is still reportedly around $1.4 billion according to exchange data, providing more evidence that these transactions are happening OTC.
  • ADA’s price has also benefited strongly following the recent crypto market surge, up 20.7% versus Bitcoin’s 11%.
  • Furthermore, total addresses on Cardano have expanded from 3.5 million to 5 million since the start of the year. Meanwhile, other coins like Shiba Inu are seeing a decline in addresses holding a balance.
  • That said, other metrics like average transaction size remain stagnant, alongside Cardano’s popularity in DeFi. While the $300 million locked in its DeFi protocols is up massively since the start of the year, it’s still dwarfed by Ethereum’s current $126 billion.
  • Charles Hoskinson – co-founder of Cardano – says that many more DeFi protocols will come to the network after a hard fork this year. On Monday, he spoke about the importance of maintaining coordination and decentralization in crypto during Binance Blockchain Week in Dubai.
  • “There are two paths before us,” he said, citing one path of “integrity” and “decentralization,” as opposed to another of high centralization and “custodians”.

You Might Also Like:

Leave a Reply

Your email address will not be published. Required fields are marked *