Bitcoin

Ethereum

Cardano

With Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) and Ethereum (<a href="https://finbold.com/cryptocurrency/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) facing skyrocketing network fees amid the recent <a href="https://finbold.com/from-pepe-to-babydoge-meme-keywords-predicting-the-crypto-markets-next-move/" rel="noopener noreferrer nofollow">meme coin craze</a> initiated by the launch and <a href="https://finbold.com/jokes-aside-pepe-surges-120-to-become-worlds-3rd-largest-meme-coin/" rel="noopener noreferrer nofollow">massive success</a> of the PEPE token, Cardano (<a href="https://finbold.com/cryptocurrency/cardano/" rel="noopener noreferrer nofollow">ADA</a>) has assumed the leadership position among all <a href="https://finbold.com/topic/blockchain/" rel="noopener noreferrer nofollow">blockchains</a> in terms of daily transaction volume.Indeed, the 24-hour transaction volume on the <a href="https://finbold.com/topic/cardano/" rel="noopener noreferrer nofollow">Cardano network</a> has amounted to a staggering $13.25 billion, well above that of <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> and <a href="https://finbold.com/guide/how-to-buy-ethereum/" rel="noopener noreferrer nofollow">Ethereum</a>, according to the <a href="https://messari.io/screener/chains-activity-DB01F96B" rel="noopener noreferrer nofollow">data</a> retrieved by Finbold from the <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a> monitoring and analytics platform Messari on May 9.By comparison, Bitcoin assumed a second place in the listing at $0.59 billion, while Ethereum’s 24-hour trading volume stood at $3.03 billion by press time. Litecoin (<a href="https://finbold.com/cryptocurrency/litecoin/" rel="noopener noreferrer nofollow">LTC</a>) and XRP (<a href="https://finbold.com/cryptocurrency/xrp/" rel="noopener noreferrer nofollow">XRP</a>) followed, with $790 million and $658 million, respectively.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/479e0af3e5424a3bb2ef7db04bf7e505.png" />Top 10 blockchains by 24-hour transaction volume. Source: <a href="https://messari.io/screener/chains-activity-DB01F96B" rel="noopener noreferrer nofollow">Messari</a>Earlier, Finbold <a href="https://finbold.com/cardano-defi-activity-skyrockets-despite-market-dip-whats-happening/" rel="noopener noreferrer nofollow">reported</a> on the decentralized finance (<a href="https://finbold.com/guide/liquidity-mining-definition/" rel="noopener noreferrer nofollow">DeFi</a>) applications on Cardano witnessing a large increase in transactions, with the Dapps On Cardano platform attributing these results to the launch of two new meme <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> assets – Snek and Pepeblue – on the blockchain and in its <a href="https://finbold.com/guide/how-to-invest-in-metaverse/" rel="noopener noreferrer nofollow">metaverse</a>.<h2 id="header-0">Ethereum fees skyrocket</h2>As it happens, <a href="https://finbold.com/guides/investing/" rel="noopener noreferrer nofollow">inventors</a> seem to be flocking to <a href="https://finbold.com/guide/how-to-buy-cardano/" rel="noopener noreferrer nofollow">Cardano</a> as the Ethereum gas fees are soaring, surpassing as much as $30 million in recent days, according to a chart <a href="https://twitter.com/tokenterminal/status/1655893939465994241" rel="noopener noreferrer nofollow">shared</a> by the<a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow"> crypto market</a> analytics platform Token Terminal on May 9.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/5392bdd224c34beab8944212051170b4.png" />Ethereum daily fees in the last 180 days. Source: <a href="https://twitter.com/tokenterminal/status/1655893939465994241" rel="noopener noreferrer nofollow">Token Terminal</a>With such a trend, it is no surprise that one <a href="https://finbold.com/guide/cryptocurrency-trading/" rel="noopener noreferrer nofollow">crypto trader</a> paying an enormous 64 ETH (worth around $118,329 at the time of publication), according to a Whale Alert <a href="https://twitter.com/whale_alert/status/1655472148020961285" rel="noopener noreferrer nofollow">tweet</a> shared on May 8. That said, one person in the comments <a href="https://twitter.com/dividend_fire/status/1655481459795275777" rel="noopener noreferrer nofollow">pointed out</a> that, above 2 ETH, the rest of this amount was “a “voluntary ‘bribe’ to validators.”<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/aea517561c814ca9b7a679c3677fc47f.PNG" />Meanwhile, the recently released Layer 2 <a href="https://docs.cardano.org/development-guidelines/scalability-solutions/hydra" rel="noopener noreferrer nofollow">Hydra protocol</a> has drawn more investors to the Cardano network, as the solution aims to increase transaction speed through low latency and high throughput with minimized transaction costs.<h2 id="header-1">Cardano price analysis</h2>As things stand, Cardano is currently changing hands at the price of $0.37, down 0.94% on the day, as well as dropping 5.39% across the previous seven days and losing 5.19% on its monthly chart, as per the latest data from May 9.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/8cc37225a2e34d41b4c85ac715ce2642.png" />Cardano 24-hour price chart. Source: <a href="https://finbold.com/cryptocurrency/cardano/" rel="noopener noreferrer nofollow">Finbold</a>Whether the growing popularity of the Cardano network manages to push the price of ADA to the upside remains to be seen, as it depends on other factors, such as the developments directly relating to the digital asset, as well as the general atmosphere in the crypto market and macro landscape.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>

Cardano dominates transaction volume as BTC, ETH network fees skyrocket

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