Cardano reaches ATH and just surpassed ethereum in transaction volume, while the ADA coin is trading at $1.38, marking an increase of 2600% over the year as per the data from Messari that we have in our Cardano latest news today.
It was a monumental day for Cardano as it brought good news for the platform because, in the past day, the surge of interest in Cardano brought its on-chain transaction volume to $19.8 billion which means that it surpassed Ethereum’s $13.2 billion and is now second to Bitcoin’s $27.2 billion. All of the activity brought ADA’s market cap to exceed both BNB and USDT as the third biggest coins by market cap right behind ETH and BTC.
Initially released in 2017, Cardano was created by the Ethereum co-founder Charles Hoskinson from the Input-Output Hong Kong company and the Cardano foundation. He previously showed apathy towards the value of ADA but he now seems to be celebrating the coin’s achievements on Twitter. The recent success came as a surprise given the lack of major projects that are utilizing the blockchain but Ethereum still remains more popular in regards to blockchain-based applications which only raises the question, will Cardano ever be able to maintain the success without dapps?
Cardano’s lack of major applications could change due to the publicity of ADA’s bull run as the previous lack of volume acted as a deterrent to the developers that were looking for a space to launch their apps and got attracted to the popularity of the Ethereum network. Developers could also consider the EVM-compatible Binance Smart Chain which found recent success in smart contracts. BSC still remains noteworthy due to the popularity with the recent larger applications despite the lower market cap than ADA.
The price surge could act as a resolution to the scenario of lacking dapps because of the low volume and popularity and lacking the volume and popularity because of having no dapps on the network. This bull market could put ADA’s future value in question but also its usage as a smart contract platform as well. At the time of writing, Cardano reached ATH with a 34% over the past day and the transaction volume continues growing as ADA shows no signs of backing down.
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