Ethereum Is Now a Serious Challenger to Bitcoin for Daily Value Transfers.
The daily average transaction values across the Ethereum (ETH) platform are now on par with those of the Bitcoin (BTC) network.
According to blockchain analytics firm Messari, the daily value transfer — the entire value of assets moved on the blockchain in a day on the ETH network began to emulate those on the Bitcoin network as of the 12th of April, approximately $1.5 billion. The value transferred on the ETH platform including ETH itself as well as other major coins supported by the blockchain, most notably Tether (USDT).
The balancing of the playing field is essentially a result of the performance of the BTC network, which reached a high of over 3 billion USD in daily transactions in July 2019, but hasn’t been able to sustain that level whilst the value of ETH rose. The second-largest cryptocurrency reached 115 million USD in daily transactions in December 2018 which has risen steadily to around 1.5 billion USD today.
The BTC network also saw growth in its daily value transfers in January, but it’s been less utilized since the March crypto carnage.
Chart data as of the 16/04/20 from https://twitter.com
ETH is Winning the Battle with BTC on Transactions Per Second.
This is not the first area in which ETH has beaten BTC. The BTC network’s transactions per second (TPS) peaked at 4.7 during 2017, an all-time high. This year it’s been falling since the 12th of March when we saw a crypto bloodbath and currently the network processes slightly below three transactions per second.
ETH, on the opposite hand, peaked at 15 TPS in 2018 and currently processes at about nine transactions per second on its network. (However, TPS may be a very crude measure thanks to transaction batching and second-layer solutions, etc.)
Developers are Flooding Towards to ETH, Not BTC.
Though both networks have a healthy number of core protocol developers for everyone’s needs, However ETH is currently the most used network. As of the 7th of March, the ETH network had 99 new developers a month on average, with BTC following second with an average of 47.
On the bigger scale, the amount of developers contributing code to the blockchains’ respective depositories has ETH miles ahead. On average, 216 developers contribute code to the ETH blockchain depositories on a monthly basis, while BTC can only average just over 50 developers.
But Bitcoiners have the right to still be smiling with the value of 1 BTC over forty times greater than 1 ETH, albeit the entire supply of ETH is about five times higher.
Chart data as of the 16/04/20 from https://blockchair.com
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