Flipped: Ethereum now processes 28% extra transactions than Bitcoin

The day by day quantity of transactions on the Ethereum (ETH) community is now 28% higher than on Bitcoin (BTC), in line with crypto analytics agency Messari.

On Jan. 19, Messari’s Ryan Watkins tweeted that Ethereum’s day by day transaction quantity “goes parabolic” alongside a chart indicating that Ethereum and Ethereum-powered stablecoins have processed $12.3 billion in transactions over the previous 24 hours — dwarfing Bitcoin and Omni-based USDT’s $9.3 billion.

Ethereum’s day by day transaction quantity goes parabolic.

It now settles $12 billion in transactions day by day – $3 billion greater than Bitcoin.

Think about not being bullish $ETH. pic.twitter.com/3NfOz1ruiM

— Ryan Watkins (@RyanWatkins_) January 19, 2021

The information excludes non-stablecoin ERC-20 transactions for Ethereum to keep away from double-counting DEX volumes.

In line with Blockchain Middle’s “Flippening Index,” which makes use of eight key metrics to trace whether or not the Ethereum community has surpassed Bitcoin in measurement and exercise, Ethereum is 63.5% of the way in which to having flipped Bitcoin. 

Whereas Blockchain Middle’s information suggests Ethereum is but to beat out Bitcoin’s transaction quantity, the Flippening Index notes Ethereum is already beating Bitcoin by transaction depend and whole transaction charges. 

The information additionally has Ethereum’s node depend at 94% after briefly flipping Bitcoin a number of occasions in latest months, and estimates Ethereum’s commerce quantity is the same as 57% of Bitcoin’s after bouncing off a report excessive of 76% final week.

The Flippening Index: Blockchain Middle

Regardless of momentum constructing for Ethereum, the index exhibits Google search quantity is barely 14% in comparison with Bitcoin, and Ether’s market cap to be simply 21% of Bitcoin’s. Nonetheless, Messari estimates all the Ethereum ecosystem to be price $212 billion — equal to 31% of Bitcoin’s market cap.

Polkadot, the brain-child of Ethereum co-founder Gavin Wooden, accomplished its personal flippening final week to overhaul Ripple’s XRP and rank because the third-largest non-stablecoin crypto asset by capitalization behind Ethereum.