- Ethereum now rivals BTC in terms of daily value transfers
- Daily value transfers on Ethereum is now the same as Bitcoin
- Developers are flocking to Ethereum’s network
Ethereum News Today – according to an analysis conducted by Blockchain analytics firm Messari, Ethereum’s daily value transfer (the average value of the asset moved on the network in a day) is now rivaling those on Bitcoin’s Blockchain as of April 12. Per the report, at the said date when this new data was collected by Messari, Ethereum’s daily value transfer was approximately $1.5 billion.
The value transferred on the Ethereum Blockchain include Ether (ETH) and other stablecoins that are supported by the network, especially Tether (USDT).
Daily Value Transfers on Ethereum Now the Same as that of Bitcoin
The daily transaction values on the Ethereum network is now equal to that of the Bitcoin Blockchain. The parity is a result of the performance of Bitcoin’s network, which managed to reach a $3 billion high point in July last year. It hasn’t been able to sustain this position even as the Ethereum’s daily value transfers rose.
The Ethereum Blockchain reached $115 million daily transactions in December 2018. This figure has risen to the current figure of $1.5 billion. The Bitcoin network saw growth in daily value transfer in January 2020. However, it has been less used since March. Ethereum leads Bitcoin in number of transactions per second. Bitcoin’s network transactions per second (TPS) reached 4.7 during the network’s all-time high year in 2017. But this year it has dropped since March 12.
Currently, Bitcoin’s network is processing just three transactions every second. On the other hand, Ethereum peaked at 15 TPS back in 2018. Now it processes an average of nine transactions per second. TPS is a crude measure because of second layer solutions and transaction batching.
Developers are Flocking to the Ethereum Network
Though the two networks sampled here have a healthy sum of core protocol developers, Ethereum is now by far the most active in this regard. As of March 7, 2020, the Ethereum network hosts 99 monthly developers, with Bitcoin coming out second at 47. The difference is much.
Looking at it from a broader scale, the total number of developers that contribute code to both networks’ depositories has Ethereum leading by far. On the average, 216 developers now contribute code to Ethereum’s Blockchain depositories per month. Meanwhile Bitcoin only averages a mere 50 developers in that regard. However, Bitcoin proponents will still have the last laugh because the price of Bitcoin is forty times greater than the price of Ethereum although the overall supply of Ether is just five times higher than that of BTC.