Data from IntoTheBlock also revealed that while the overall amount of Cardano transactions has been steady, the volume is increasing, which could be later reflected in its market value.
According to data from the blockchain analytics firm IntoTheBlock, the total volume of transactions on Cardano's network greater than $100,000 reached $116 million on Oct. 31.
Cardano recently rolled out a new update to the Daedalus wallet, which was launched on the Cardano mainnet during that time.
Despite the volume increase seen on Cardano's network, there were 74 large transactions on Nov. 2 worth over $12 million.
According to Dynal Patel, senior product manager at Cardano, the incentivized testnet will enable all ADA holders to earn real ADA rewards, "Marking an acceleration in the Shelley testnet, and Cardano's development."
While the massive volatility in transactions' volume seems to be related to the strides that Cardano has been making in the past weeks, the price of ADA has been stagnant.
Conversely, a move above $0.044 could allow Cardano to surge to the $0.052 or $0.065 resistance level.
The recent efforts put up by the Cardano Foundation to accelerate the development of ADA's protocol are creating a lot of buzz in the crypto community.
Although the spike in the total volume of transactions in ADA could indicate that institutional players are coming into Cardano, the metric is not explicit.
An increase in demand that helps it break out of the consolidation phase could be the confirmation that larger players are betting on the future of Cardano.
Transaction volume on Cardano's network spikes amid new developments
Published on Nov 4, 2019
by Cryptoslate | Published on Coinage
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