20.9 C
Manchester
September 22, 2020
Image default
Altcoin

Ethereum equals Bitcoin in value of daily transfers

A recent Messari report points out that Ethereum has reached the level of Bitcoin daily transfers.

Thanks to the data found in the recent report from Messari, a blockchain analytics company, you can see how in the last period the difference between Bitcoin and Ethereum narrowed, touching similar numbers for both assets in terms of daily transfers.

The graphs are very clear and show how Bitcoin has lost ground in recent months, perhaps because of the collapse that occurred a few months ago, while Ethereum continued to grow to correspond to the same amount transferred by BTC.

In fact, within a year, Ethereum increased from 0.3 billion to more than $ 1.5 billion transferred daily. The most significant aspect of this increase in value must be attributed to the various stablecoins, such as Tether (USDT), TrueUSD and USD Coin, which, as is known, are all on the Ethereum blockchain.

In fact, looking at the data from the Tether (USDT), it is possible to see how only Ethereum issued tokens for a value of just under 5 billion, a value that exceeds even that of Omni, demonstrating how stablecoins are becoming the tool main to move capital.

The report also shows the growth of Tether: born in 2019, in the first quarter of 2020, for the first time exceeded a market capitalization of 4.5 billion dollars, and that number raises some doubts, as it means that there is more demand for this stablecoin, perhaps because of the economic crisis.

Another number highlighted by Messari is the growth of other stablecoins such as USDC and BUSD, which doubled their volumes to just under 200 million dollars, while PAX, TUSD, DAI and HUSD had a more modest increase.

At this point, it is clear that decentralized finance (DeFi) is entering its early stages of capitalization and that, thanks to this, Ethereum may soon exceed the daily bitcoin transaction volumes, considering that DeFi’s backbone is the Ethereum, however, is preparing to make the transition to Proof-of-Stake.

Source: cryptonomist

Related posts

Binance’s four crypto projects see massive price growth

Anupreet Kaur

Crypts: What is the balance between privacy and regulations?

Anupreet Kaur

Index Chain engages the month of July full of news

Anupreet Kaur

Leave a Comment