Ethereum Now Rivals Bitcoin for Daily Value Transfers
The daily average transaction values across the Ethereum platform are now equal to those of the Bitcoin (BTC) network.
According to blockchain analytics firm Messari, the daily value transfer — the total value of assets moved on the blockchain over a day — of the Ethereum network began rivaling those on the Bitcoin network as of April 12, approximately $1.5 billion. Value transferred on Ethereum include Ether (ETH) as well as other stablecoins supported by the blockchain, most notably Tether (USDT).
Source: Twitter
The parity is largely a result of the performance of the Bitcoin network, which reached a high of over $3 billion daily transactions in July 2019, but hasn’t been to sustain that level even as the value on Ethereum rose. The second largest cryptocurrency reached $115 million in daily transactions in December 2018 which has risen steadily to around $1.5 billion today.
The Bitcoin network also saw growth in its daily value transfer starting in January, but it has been less utilized since the March crypto bloodbath.
Ethererum beats Bitcoin in transactions per second
This is not the first metric on which Ethereum has beaten Bitcoin. The Bitcoin network’s transactions per second (TPS) peaked at 4.7 during the 2017 all time high. This year it has been falling since the March 12 downturn and currently the network processes just under three transactions per second.
Source: blockchair.com
Ethereum, on the other hand, peaked at 15 TPS in 2018, and currently processes about nine transactions per second on its network. (Before you complain on Twitter, yes TPS is a very crude measure due to transaction batching and second layer solutions etc.)
Developers flocking to Ethererum, not Bitcoin
Though both networks have a healthy number of core protocol developers for their needs, Ethereum is by far the most active. As of March 7, the Ethereum network had 99 monthly developers on average, with Bitcoin coming in second with 47.
On a broader scale, the number of developers contributing code to the blockchains’ respective depositories has Ethereum miles ahead. On average, 216 developers contribute code to the Ethereum blockchain depositories every month, while Bitcoin averages just over 50 developers.
But Bitcoiners have the last laugh with the price of 1 BTC forty times greater than 1 ETH, even though the total supply of Ether is only about five times higher.