The prince dethrones the king – Alert in crypto! Ethereum (ETH) currently sees many more values transit than its predecessor Bitcoin every day. Although the 2 networks have very different roles, the importance of transaction fees on Ethereum does not prevent massive use, which exceeds Crypto Engine.
Bitcoin lags $ 3 billion behind Ethereum
If you’ve been following the cryptosphere since at least 2020, the craziness of decentralized finance (DeFi) will not have escaped your notice. This should also be the case for the high volumes of exchange of ethers and ERC20 tokens that it has generated on the network, as well as exorbitant transaction fees.
Even though DeFi has calmed down a bit since then, the recent stratospheric surge in ether prices has once again boosted the overall value of daily Ethereum trading. The latter now has a record of 12.3 billion dollars of assets crypto-traded per day.
According to a report presented by analyst Ryan Watkins of Messari , Ethereum would have widened a solid gap with Bitcoin, which however also has a record of 9.3 billion dollars in values traded daily:
“Ethereum’s daily trading volume is getting parabolic. The network now sees 12 billion dollars in transactions per day, ie 3 billion more than that of Bitcoin (…) ”
Transaction fees still under strong pressure
As mentioned briefly in the introduction, Bitcoin and Ethereum do not have the same positioning in the cryptosphere. When the first has for the moment a role of safe haven in the face of the risks of devaluation of fiat currencies ( dollar in mind), the second is promoted as a supercomputer , crammed with applications and smart contracts of all kinds.
It therefore seems quite logical that the daily transfers of values are mathematically more important on the second.
The Blockchain Center site makes it possible to assess the progress of the famous “flippening” , this moment when the Ethereum network would theoretically become “superior” to that of Bitcoin. According to its Flippening Index based on 8 criteria , the site estimates that Ethereum has completed 63.5% of its supposed path to glory.
More interesting and relevant data: we can note a real craze in the ETH network, due to the number of transactions and especially the total of its fees , which are now higher than those of the king of cryptos. Gas costs , although very high , do not seem to discourage trading on Ethereum.