Ethereum Trading Volume Leads the Pack, Can It Surpass Bitcoin?Every blockchain in today's world operates in its own way, resulting in different standards and advantages and disadvantages. Nonetheless, there are certain parameters that can be compared
Ethereum Trading Volume Leads the Pack, Can It Surpass Bitcoin?
Every blockchain in today's world operates in its own way, resulting in different standards and advantages and disadvantages. Nonetheless, there are certain parameters that can be compared. One of them is the total volume of transactions controlled by the blockchain, which reveals the size and effectiveness of different blockchains.
According to FinanceMagnate on Monday (January 15), the Ethereum blockchain currently reigns supreme in the industry based on this standard. Its network processed a total of $29 billion worth of transactions in the past 24 hours, exceeding the volume of the other six major blockchains - Bitcoin, Bitcoin Cash, Litecoin, Dash, Bitcoin Gold, and Ethereum Classic (ETC). However, this figure is not solely from Ether, but includes all Ethereum-based tokens (ERC20). Due to the network's effectiveness, many emerging tokens like Tron are currently built on the Ethereum blockchain.
Since December 2017, Ethereum has effectively processed over one million transactions daily within its network. Meanwhile, the market-leading Bitcoin blockchain only manages around 240,000 transactions. Despite concerns about the increasing transaction volume, Ethereum's effectiveness still stands out compared to other public blockchains. The network can create a new block every 15-20 seconds, significantly faster than Bitcoin's 10 minutes per block. Additionally, the average transaction fee on Ethereum is around $2.5, while the average fee for Bitcoin transactions is $28.9.
Currently, Ethereum's development team is working on improving the network's scalability. In November, Vitalik Buterin, founder of the Ethereum Foundation, revealed that Ethereum 2.0 will address the current scalability issues, aiming to achieve VISA-level scalability within the next 3 to 5 years.
Many blockchain experts believe that Ethereum will eventually surpass Bitcoin to become the largest blockchain. However, given the current market cap difference of over $100 billion, this is unlikely to happen in the near future.
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