Cardano [ADA] stood out by thriving on its own merits while Bitcoin witnessed the emergence of BRC-20 tokens and the rise of meme coins. The impressive surge in network activity on the Cardano blockchain has garnered substantial admiration from observers. Currently, the network has even surpassed Bitcoin on Messari’s Chain Activity list.
Recent data reveals that Cardano has achieved a remarkable daily transaction volume of $35.42 billion, surpassing Bitcoin’s volume of $9.93 billion. Furthermore, Cardano’s adjusted transaction volume, which takes into account various factors, has also been substantial, reaching approximately $34.30 billion. These figures demonstrate Cardano’s significant transactional activity and highlight its potential as a promising network within the crypto ecosystem.
It is important to highlight that Cardano currently has a smaller number of active addresses compared to Bitcoin. With 73,141 active addresses, Cardano’s user base is relatively smaller compared to Bitcoin, which has reported 912,071 active addresses. Despite this difference, ADA has shown increased user activity in comparison to Bitcoin.
In another significant development, Cardano has not only showcased its potential in comparison to Bitcoin but has also surpassed the Ethereum network. Recent findings by Santiment indicate that Cardano has outperformed Chainlink and Ethereum in terms of development activity throughout the month of May.
Furthermore, Cardano has been making notable progress in the decentralized finance (DeFi) space. Over the past week, the trading volume on Minswap, a prominent decentralized exchange (DEX) on the Cardano network, has experienced a significant surge of 82.28%.
In terms of total value locked (TVL), Cardano currently ranks 16th among all blockchain platforms. Leading this surge, Minswap has witnessed a week-over-week increase of 12.28%. Consequently, over the span of one month, its TVL has demonstrated impressive growth of 28.05%, reaching approximately $64.95 million.
ADA’s Downward Trend and Market Conditions
Currently, ADA was following the overall market trend, experiencing a decline in value. Leading the way with a 3.21% daily decrease, Bitcoin’s performance had a ripple effect on ADA and other assets. At the time of writing, ADA was trading at $0.3744, reflecting a 2.25% daily decline.
The price movement of ADA displayed a sideways pattern, as observed on the chart. During this period, the Relative Strength Index (RSI) indicator indicated an increase in selling activity within the market. This suggested that the selling pressure for ADA had intensified compared to buying pressure.
As ADA’s price continued to decline, the number of holders experiencing losses rose to 69%. This indicated that a significant majority of ADA holders had bought the asset at a higher value than its current price. On the other hand, only a small portion of holders, approximately 27%, were able to sell ADA at a higher price and generate profits. These figures shed light on the prevailing market conditions and their impact on the overall profitability of ADA holders.