Ethereum Reaching Parabolic Growth: Ryan Watkins
This news was revealed by Ryan Watkins of Messari, who tweeted how the daily transaction volume of Ethereum was reaching parabolic levels of growth.
Ethereum’s daily transaction volume is going parabolic.
It now settles $12 billion in transactions daily – $3 billion more than Bitcoin.
— Ryan Watkins (@RyanWatkins_) January 19, 2021
To prove this, Watkins attached a chart showing that Ethereum-powered stablecoins, alongside Ethereum itself, had already processed a whopping $12.3 billion worth of transactions in just 24 hours. This beats Omni-based USDT and Bitcoin’s numbers, $9.3 billion, with a sizable margin to boot.
It should be noted, however, that this data explicitly excludes any ERC-20 transactions for Ethereum that aren’t tied to stablecoins. This is done in order to avoid accidentally double-counting volumes within decentralized exchanges (DEXs).
Flippening Index Not As Bullish As Messari
The so-called “Flippening Index” of Blockchain Center, an index determining whether or not Ethereum had pushed past Bitcoin in terms of activity and size through eight key metrics, showed something interesting. According to this Index, Ethereum now stands at 63.5% along the path of flipping Bitcoin.
This data from the Blockchain Center doesn’t show that Ethereum’s transaction volumes had actually beaten Bitcoin’s quite yet. Even so, the Flippening Index does make note that in terms of total transaction fees and raw transaction count, Ethereum has already beaten the world’s first blockchain network.
This data also makes note that Ethereum is standing at 94% of Ethereum’s node count, but had actually managed to flip Bitcoin’s metric in that field a number of times throughout these past few months. Alongside this, the Index sets the trade volume to 57% of that of Ethereum’s, after having reached a record high last week of 76%.
Comparing Steak To Fruit
Even with Ethereum building a sizable amount of momentum, it should be noted that the hype for the blockchain network isn’t that strong, when one looks at Google Search volumes. The asset can only boast with 14% of the search volumes of bitcoin, and only 21% of Bitcoin’s market cap. Messari estimates, however, that the entire ecosystem of Ethereum, all coins included, stands worth around $212 billion in value. This stands as 31% of Bitcoin’s market cap. Less than a third, but still sizably more.
Time will tell if Ethereum ever manages to overtake Bitcoin, the issue is that these two cryptocurrencies can’t really overtake each other truly. Sure, they can have greater market caps and transaction volumes, but Bitcoin and Ethereum are very much two different assets used for very different goals.