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According to data from IntoTheBlock, Cardano has recorded a staggering $6.52 billion in large transaction volume in the last 24 hours. This impressive figure puts Cardano almost on par with Ethereum.
Large Transactions Volume estimates the total amount transacted by whales and institutional players on a particular day. Spikes in large transaction volumes indicate increased activity among institutional players buying or selling. large transactions in this context refer to those greater than $100,000.
Per data from IntoTheBlock, Cardano recorded $6.52 billion in large transaction volume within 24 hours, closely trailing Ethereum's $6.94 billion during the same time frame.
While Ethereum continues to dominate in terms of total value locked (TVL) and number of decentralized applications (dApps), Cardano's significantly large transaction volume might signal growing institutional interest in Cardano.
Large transaction volume growth for Cardano comes amid a current market sell-off. Ethereum, the second largest cryptocurrency by market capitalization, saw a 20.94% decline in large transaction volume as its price dipped 4.22% in the last 24 hours to trade at $3,177.
Cardano has also declined 3.82% in the same time frame to trade at $0.385 and ranks as the 10th largest cryptocurrency by market cap, hence, the significance of its large transaction volume growth.
Crypto market faces selling pressure
Cryptocurrencies sharply tumbled on Wednesday as investors weighed the outcome of the July Federal Reserve meeting. The losses were extended at press time, with the majority of cryptocurrencies losing value.
After its July meeting, the Fed left benchmark interest rates steady and gave little signal that a much-anticipated rate cut in September was assured.
Fed Chair Jerome Powell stated that while no decisions have been made about a September cut, the "broad sense is that we're moving closer" to an interest rate cut.