Comparing different blockchain-based ecosystems usually makes no sense whatsoever. It feels like comparing apples to oranges and grapes. In the cryptocurrency world, however, there are some interesting metrics worth keeping an eye on. Over the past 24 hours, it seems the Ethereum blockchain helped transfer just over $23bn. This is almost as much as Bitcoin, BitcoinC ash, Litecoin, Dash, BTG, and ETC combined. An interesting development, although not all blockchains can be traded in this regard.
Every blockchain is capable of processing transactions and moving financial value from one user to the next. In the cryptocurrency world, that is a requirement to ensure the network has any value at all. Ethereum has suddenly become a very popular solution to transfer value. So much even that it processes almost as much value as six other top cryptocurrencies combined. Whereas many people assume Bitcoin is the king of the hill, that is not the case in this regard. An interesting development, although it’s important to put things into perspective.
Another Good day for the Ethereum Blockchain
More specifically, Ethereum’s value transfer doesn’t pertain just to ETH transactions. It also includes all of the ERC20 tokens issued on this blockchain. That means the numbers are skewed a bit, although not by all that much. The key factor is how this blockchain handles $24bn worth of volume over a 24-hour period without too many problems. Bitcoin, on the other hand, is still more expensive and a lot slower, even though it remains very popular. Ethereum’s value transferred in the past 24 hours is bigger than Bitcoin’s, which is not all that uncommon.
However, when adding the value transferred by other blockchains on top of Bitcoin’s, it’s not much higher than Ethereum’s throughput. For many people, this is a key indicator of how Ethereum will overtake Bitcoin at some point. Such a scenario is not entirely impossible, although it may not happen anytime soon either. Comparing the value transferred over individual blockchains is always a snapshot at an opportune time. These statistics can look very different a day or week from right now, for all we know.
As such, it is difficult to draw any conclusion based on this fortunate snapshot. The demand for Ethereum-based value transfer solutions is certainly there. It’s cheaper to use, works better, and is faster. At the same time, it also encompasses a lot of tokens rather than Ether itself. How all of this will play out in the future is impossible to predict right now. With proper scaling, this blockchain will certainly become even more popular in the coming years.
Header image courtesy of Shutterstock