Ethereum Is Now A Rival To Bitcoin For Daily Value Transfers

The daily average transaction values across the Ethereum platform are currently equal to those of the Bitcoin (BTC) network, the latest cryptonews show. This shows that Ethereum is now a rival to the most dominant coin when it comes to daily value transfers.

All of this comes from the blockchain analytics firm Messari, showing that the daily value transfer (which is the total value of assets moved on the blockchain over a day) of the Ethereum network began rivalling those on the Bitcoin network as of April 12, with approximately $1.5 billion. The value transferred on Ethereum includes Ether (ETH) as well as other stablecoins which are currently supported by the blockchain, most notably Tether (USDT).

Q1 2020 was stablecoins’ best quarter ever.

Driven by a global flight to safety amidst the coronavirus pandemic, stablecoin issuance ballooned over $8 billion in the quarter.

Stablecoins added nearly as much market cap in Q1 2020 as they did in all of 2019. pic.twitter.com/LALwzHmYhW

— Ryan Watkins (@RyanWatkins_) April 15, 2020

Ethereum is now a rival to Bitcoin for daily value transfers. The Ethereum latest news show that the parity is mainly a result of the performance of the Bitcoin network, which reached a high of over $3 billion daily transactions in July 2019. However, it has not been able 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 BTC network also saw growth in its daily value transfer starting in January, but has been less utilized ever since the crypto bloodbath in March this year.

What we can also see is that this is not the first metric on which Ethereum has beaten Bitcoin. We can see that Ethereum is now a rival to BTC when it comes to the transactions per second (TPS) too – the BTC network peaked at 4.7 during the 2017 all time high and now it has fallen to just under 3 TPS. Meanwhile, Ethereum’s network peaked at 15 TPS in 2018 and is currently processing around 9 TPS on its network.

Even though both of the networks work with a healthy number of core protocol developers for their needs, Ethereum is again the most active. As of March 7, the Ethereum network had 99 monthly developers on average, while Bitcoin came in second with 47.

On a broader scale, the number of developers contributing code to the blockchain’s respective depositories has ETH miles ahead – on average, 216 developers contribute to the Ethereum blockchain code, while Bitcoin averages just over 50 developers.