DO MESSARI’S TRANSACTION VOLUMES FOR CARDANO TELL US THE WHOLE STORY
Santiment, Glassnode, Nansen, Messari, DeFi Llama – which one do you like best for gathering data about crypto-assets and their metrics? While some minor differences in stats can be expected between these platforms due to diverse ways in which they measure blockchain data, one platform has come under the microscope for the way it is reporting coins’ transaction volumes.
Did Messari mess up?
At press time, Cardano was the eighth-biggest crypto by market cap, according to CoinMarketCap. Not as * impressive as being first or second, you have to admit. However, on Messari.io, Cardano was at the top of the list and ahead of even Bitcoin, when it came to 24-hour transaction volume.
At press time, Cardano was registering figures of $32.38 billion while Bitcoin only recorded $13.38 billion. What’s more, Cardano’s market cap at press time was only $26,583,225,768, further adding to the doubts of skeptics.
What also piqued curiosity was the way Litecoin surpassed Ethereum in terms of transaction volume. In fact, at press time,
As the lawsuit between SEC and Ripple drags on, XRP seems to be benefiting from it.
Since December 2020, when the lawsuit began, people have been assuming that the end of XRP is near. However, of late the notion has been changing as courts continue to rule in favor of the crypto company.
Ripple wins it again
On 12 March, the District Judge allowed Ripple to use a fair notice defense by striking down SEC’s motion. This gives Ripple the opportunity to argue on the grounds that it was the SEC that failed to inform Ripple about how the sale of XRP could violate the pre-established laws.
Following this, XRP went up the price charts. It seems that Ripple is certainly gaining from the ruling. Apart from winning the favor, its token XRP also won investors’ support as the altcoin rallied by 9.06% within 24 hours. But, it’s important to note that the rally lacks conviction. Since this was a euphoric rise and not an organic rise, on-chain performance did not exhibit any positive change either.
Transaction count on the network barely moved at all, which indicates that regardless of the rise, people did not participate in transactions. The month-long slippage has led to less than 1.4 million transactions being conducted on-chain.
This lack of confidence could also be the result of the high volatility observed in the case of XRP. Being at its 5-month high, the volatility could be keeping investors from making a move out of fear.
However, with the effect of Ripple’s lawsuit judgment wins and XRP’s relatively higher market value of 1.1 to 1.2, one can’t rule out the possibility that investors could continue flocking in towards the altcoin.
Furthermore, given the coin has managed to maintain the critical support of $0.71, investors are still betting on the possibility of XRP returning to $1.