According to IntoTheBlock, Cardano has seen a staggering $6.52 billion in high volume transactions over the last 24 hours. This impressive figure puts Cardano almost on par with Ethereum.
Large transaction volume measures the total amount of transactions conducted by whales and institutional players on a given day. Spikes in large transaction volumes indicate increased activity among institutional players buying or selling. Large transactions in this context are defined as transactions worth more than $100,000.
According to IntoTheBlock, Cardano’s large transaction volume recorded $6.52 billion in 24 hours, slightly less than Ethereum’s $6.94 billion in the same period.
While Ethereum continues to dominate in total value locked (TVL) and the number of decentralized applications (dApps), Cardano’s significantly higher transaction volume could be a sign of growing institutional interest in Cardano.
The big increase in transaction volume for Cardano comes amid the current market sell-off. Ethereum, the second-largest cryptocurrency by market cap, saw its large transaction volume fall 20.94% as its price fell 4.22% in the last 24 hours to $3,177.
Cardano has also fallen 3.82% over the same time period to $0.385 and is ranked 10th among cryptocurrencies by market cap, which explains the significance of its significant growth in transaction volume.
Cryptocurrency Market Faces Selling Pressure
Cryptocurrencies fell sharply on Wednesday as investors weighed the outcome of the Federal Reserve’s July meeting. The losses were extended at press time, with most cryptocurrencies losing value.
Following its July meeting, the Fed left its benchmark interest rates unchanged and gave no indication that a long-awaited rate cut in September was guaranteed.
Fed Chairman Jerome Powell said that while no decisions have been made yet on whether to cut rates in September, “the consensus is that we are getting closer” to cutting interest rates.
