Flipped: Ethereum now processes 28% more transactions than Bitcoin

Tuesday 19 January 2021, 3:34 PM AEST - 1 month ago

The daily volume of transactions on the Ethereum (ETH) network is now 28% greater than on Bitcoin (BTC), according to crypto analytics firm Messari.

On Jan. 19, Messaris Ryan Watkins tweeted that Ethereums daily transaction volume is going parabolic alongside a chart indicating that Ethereum and Ethereum-powered stablecoins have processed $12.3 billion in transactions over the past 24 hours — dwarfing Bitcoin and Omni-based USDTs $9.3 billion.

Ethereum's daily transaction volume is going parabolic.

It now settles $12 billion in transactions daily - $3 billion more than Bitcoin.

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

— Ryan Watkins (@RyanWatkins_) January 19, 2021

The data excludes non-stablecoin ERC-20 transactions for Ethereum to avoid double-counting DEX volumes.

According to Blockchain Centers Flippening Index, which uses eight key metrics to track whether the Ethereum network has surpassed Bitcoin in size and activity, Ethereum is 63.5% of the way to having flipped Bitcoin.

While Blockchain Centers data suggests Ethereum is yet to beat out Bitcoins transaction volume, the Flippening Index notes Ethereum is already beating Bitcoin by transaction count and total transaction fees.

The data also has Ethereums node count at 94% after briefly flipping Bitcoin several times in recent months, and estimates Ethereums trade volume is equal to 57% of Bitcoins after bouncing off a record high of 76% last week.

4a397d9b-39e0-418d-b735-94f9bb049578.pngThe Flippening Index: Blockchain Center

Despite momentum building for Ethereum, the index shows Google search volume is only 14% compared to Bitcoin, and Ethers market cap to be just 21% of Bitcoins. However, Messari estimates the entire ...

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