The ongoing rivalry between Bitcoin and Ethereum often yields surprising statistics. According to Messari, Ethereum’s chain settles more daily transaction volume. However, most of this volume is due to assets that aren’t ETH itself.
Ethereum vs. Bitcoin Daily Transaction Volume
Considering how both Ethereum and Bitcoin are entirely different from one another, there isn’t much reason to compare them. That said, the versatility of both blockchains is worth keeping an eye on. Both networks lend themselves to moving volume globally, yet one seems to perform much better than the other.
Statistics by Messari and Coinmetrics indicate the Ethereum blockchain has a higher daily transaction volume. It is 30% higher than Bitcoin’s DTV. An exciting development that seemingly dates back to July 2020. Since then, Ethereum’s chain has continually processed more transaction volume.
It is crucial to put this data in the right perspective, though. Unlike Ethereum, there aren’t hundreds of tokens on the Bitcoin blockchain. Nor are there any significant stablecoins at this time. Bitcoin’s network processes all the volume in BTC, and perhaps a tiny bit of Rootstock‘s RSK. Other than that, there is no asset to “pad the numbers.”
In Ethereum’s case, the situation is different. Its blockchain is home to DeFi tokens, lingering ICO assets, and various stablecoins. The data by Messari includes stablecoins but allegedly excludes ERC20 tokens. Even then, processing $12.3 billion in daily transaction volume remains impressive.
How Much Is ETH Contributing?
To make use of the Ethereum blockchain – regardless of one’s asset or token – you need Ether to use as a transaction fee. One would expect ETH to represent the lion’s share of this daily transaction volume, but that is not the case. The actual ETH transaction volume – adjusted and according to CoinMetrics, is $4.47635 billion.
Keeping in mind how the total daily transaction volume is $12.3 billion, one has to wonder how these statistics add up. It would indicate that Ethereum handles nearly $8.9 billion in stablecoin volume per day. Not unfeasible, as Tether’s USDT is one of the biggest gas spenders on the network for several months now.
All in all, it seems that Ethereum is in a good place. It can handle a very high daily transaction volume, although these numbers’ exact nature remains a bit questionable. For those who hope to see an Ethereum-Bitcoin flipping, that outcome remains rather unlikely. The daily transaction volume only tells a part of the bigger story.