According to U.Today, Cardano has recorded a significant $6.52 billion in large transaction volume over the past 24 hours, closely trailing Ethereum's $6.94 billion. Large Transactions Volume measures the total amount transacted by whales and institutional players on a given day, with transactions exceeding $100,000. This spike in large transaction volumes suggests increased activity among institutional investors in Cardano.
While Ethereum continues to lead in total value locked (TVL) and the number of decentralized applications (dApps), Cardano's substantial transaction volume indicates growing institutional interest. This growth comes amid a broader market sell-off. Ethereum, the second-largest cryptocurrency by market capitalization, experienced a 20.94% decline in large transaction volume as its price dropped 4.22% in the last 24 hours to $3,177. Similarly, Cardano's price fell 3.82% to $0.385, ranking it as the 10th largest cryptocurrency by market cap.
The cryptocurrency market faced significant selling pressure as investors reacted to the outcome of the July Federal Reserve meeting. Most cryptocurrencies saw a decline in value. The Federal Reserve left benchmark interest rates unchanged and provided little indication of a potential rate cut in September. Fed Chair Jerome Powell mentioned that while no decisions have been made regarding a September cut, there is a general sense that the Fed is moving closer to an interest rate reduction.
