Cardano Eclipses Ethereum in Transaction Volume
Shiba Inu has been this year’s unparalleled excellent performance, and in the last 24 hours, it has been at the forefront of the market’s rebound, helping it to maintain pace with the top ten performers. The meme currency had a 12.5 percent increase in value, with its volume increasing as well, and now has a market capitalization in excess of $26.7 billion.
Among the big caps, Avalanche was the strongest performer, with a 16 percent gain while the overall market gained $90 billion in the course of a broad market rebound. Shiba Inu has not had the greatest of weeks, with its value having dropped by 6 percent since Monday. However, it has shown flashes of the increases that have elevated it to the top of this year’s coin to watch list, rising 12.5 percent in the last day to trade at $0.00004886.
Its trading volume has also increased by more than 4% to reach $4 billion, making it the sixth-largest in the market behind USDT, BTC, ETH, USDC, and BUSD, respectively. Despite the fact that Shiba Inu has been the most successful breed this year by a long shot, Solana and Terra have come in second and third place respectively.
The meme currency has risen more than 70 million percent year to far, much outpacing the gains of Solana and Terra, which have gained 12,000 and 7,000 percent, respectively. Bitcoin has almost doubled in value, while Ethereum has increased fivefold and Cardano’s ADA has increased tenfold. The most surprising performance this year has been XRP, which has gained 400 percent while being mired in a legal fight with the Securities and Exchange Commission that does not seem to be coming to a close anytime soon.
Because Ethereum is the undisputed king of the altcoins, the success of all other projects is assessed against its performance. Cardano overtook Ethereum in terms of daily transaction volume on Friday, marking a significant milestone for the Charles Hoskinson-led project. Ethereum, on the other hand, has reclaimed its position on the throne.
While on-chain activity has increased significantly, Cardano has yet to witness significant improvements. Despite a minor increase in the previous 24 hours, it has lost around 10% over the past week. At the time of publication, ADA was trading at $1.87, which is 32 percent below the all-time high reached around three months ago.
According to statistics from Messari, it has generated a return of 1,476 percent in the last year. Ethereum, on the other hand, has seen a 3.6 percent increase in value during the last day. With a market capitalization of $4,291, it is now worth little more than half a trillion dollars, making it larger than JPMorgan, VISA, and Walmart combined. Performance in 2021:
Shiba Inu: +71,155,744%
Binance Coin: +1,572%
XRP: +397%⁰Bitcoin: +103%
S&P 500: +25%
— Jon Erlichman (@JonErlichman) November 15, 2021