By
Bhushan Akolkar
May 10th, 2024
Bitcoin price has climbed back to $7,000 after the recent fall below this level. Ethereum, meanwhile, has gained over 8% in 24 hours. ETH is trading for around $170.
Since coronavirus has been declared a pandemic by the World Health Organization, Bitcoin price alongside several other crypto coins, e.g Ethereum, XRP, etc. crashed and began to fluctuate, rising in the day and dropping at night.
Bitcoin price, which rose as high as $10,000 earlier this year, dropped below $4,000 also after the pandemic announcement. However, the king of crypto has climbed back to $7,000 after fluctuating severally between $6,000 and $7,000.
As at press time, Bitcoin trades for $7,027 with a 4.36% rise. Ethererum, the second most popular crypto coin, is begging to edge close or even take over from Bitcoin as the king of cryptocurrency with its average daily transaction now equalling what is obtained on the Bitcoin network.
Ethereum is trading now at $169.79 (+8.53%).
Messari, a blockchain analytics firm, reports that the daily value transfer i.e., the total value of asset moved on the blockchain of Ethereum network, now rivals that of the Bitcoin network as of April 12, at approximately $1.5 billion.
This amounts for the entire value transferred in the blockchain including ETH, and other stablecoin supported by the network, especially Tether (USDT).
In July 2019, the Bitcoin network recorded a high of over $3 billion transactions daily but doesn’t sustain that tempo anymore. Ethereum, on the other hand, got to a daily high of $115 million in daily transactions in December 2018, rising to $1.5 billion today.
Bitcoin network grew largely in daily transfer value in January but stopped being utilized since the coronavirus pandemic.
Ethereum Leads in Transaction per Second above Bitcoin
Firstly, it is not the first metric where Ethereum has beaten Bitcoin. The BTC network transaction per second (TPS) was at its all-time high in 2017, at 4.7 TPS. Now, it has been failing since the coronavirus pandemic processing lesser than 3 TPS.
Ethereum, on the other hand, peaked at 15 TPS in 2018, and currently processes about nine transactions per second on its network.
Etherum Now Attracts More Developers
Although both Bitcoin and Ethereum maintain a good number of developers for their needs, Ethereum, however, remains more active. Last month, the network had 99 monthly developers on average, with Bitcoin posing of 47.
On a broader scale, the number of developers contributing code to the blockchains’ respective depositories has Ethereum miles ahead. On average, 216 developers contribute code to the Ethereum blockchain depositories every month, while Bitcoin averages just over 50 developers.
However, Bitcoin remains the king of crypto with its amount forty times more than Etherum even though Ether supply is five times higher than BTC.
The illustrations were provided by Depositphotos.com