Ethereum recorded yesterday the highest level of activity it has experienced so far, processing 176,255 transactions which have transferred an estimated 26,261,824 eth, currently valued at more than $4 billion.
The network’s transaction levels have doubled since the beginning of the month and more than tripled since March as the platform has experienced increasing levels of adoption from industry and investors.
Just yesterday it was announced that Toyota, Japan’s car manufacturing giant, as well as Samsung, South Korea’s driving force, have joined the Enterprise Ethereum Alliance, expanding the breadth of potential uses for ethereum’s blockchain.
The currency has also been trending on Google for the first time ever as the mainstream press becomes aware of its astonishing recent rise in just two months from a market cap of $1 billion to now stand at more than $17 billion.
Some say it will overtake bitcoin’s market cap, with Fred Wilson, a Silicon Valley Venture Capitalist – who invested in Twitter and other internet 2.0 companies at the early stages – saying it will do so by the end of the year.
As for Twitter, Ethereum has already overtaken its market cap in a potential sign that the focus may be moving away from internet 2.0 companies and into blockchain platforms or projects which are at a very early, highly creative and innovative, stage.
Ethereum has already overtaken bitcoin to become the most secure public blockchain and, at this rate of growth in transactions, it may soon overtake it on that aspect too not least because bitcoin is intentionally being kept at a very limited rate of just around 300,000 transactions a day.
Its businesses are pivoting to eth, but bitcoin’s price continues to increase, doubling this year, which may suggest that if eth does overtake it the event would be somewhat amicable and perhaps beneficial for both currencies.