As a seasoned researcher with over two decades of experience in the ever-evolving world of cryptocurrencies, I find myself consistently amazed by the dynamic nature of this digital frontier. Recently, I’ve been particularly intrigued by Cardano’s meteoric rise in large transaction volume, nearly matching Ethereum’s figures.
Based on information from IntoTheBlock, Cardano’s large transaction volume reached an astounding $6.52 billion over the past day. This significant amount nearly equals Ethereum’s volume, demonstrating Cardano’s growing influence in the crypto market.
High Transaction Quantities give an overall sum of trades made by big investors (whales) and institutional entities on a specific day. Sharp increases in high transaction quantities suggest heightened activity among these investors either buying or selling. In this context, “large transactions” signify trades exceeding $100,000.
According to IntoTheBlock’s data, Cardano saw approximately $6.52 billion in large transactions within a day, almost catching up to Ethereum’s $6.94 billion during the same period.
Although Ethereum leads the way with the highest amount of value locked and the greatest number of decentralized apps, the high volume of transactions on Cardano could indicate a rising institutional interest in this platform.
As a crypto investor, I’ve noticed an impressive surge in high-volume transactions for Cardano, which is quite remarkable given the ongoing market downturn. On the flip side, Ethereum, the second-largest digital currency by market cap, experienced a 20.94% drop in large transaction volumes, mirroring its 4.22% price decrease over the past day, now trading at $3,177.
In the same duration, the value of Cardano has dropped by 3.82%, now trading at approximately $0.385. This digital currency currently holds the 10th position among all cryptocurrencies in terms of market capitalization due to a notable increase in its transaction volume.
Crypto market faces selling pressure
On Wednesday, cryptocurrencies experienced a significant drop as investors contemplated the results of the July Federal Reserve meeting. At the time of reporting, these losses had continued, with most cryptocurrencies seeing their values decrease.
Following its July gathering, the Federal Reserve kept its key interest rates unchanged and provided minimal indication that the long-awaited interest rate reduction in September was a certainty.
According to Fed Chair Jerome Powell, no definitive choices regarding a potential interest rate cut in September have been finalized yet. However, he implied that the general trend seems to be leaning towards a possible reduction in interest rates.
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2024-08-01 14:42