Ethereum Transfers $5 Billion in One Day, Transaction Levels Reach Nearly 70% of Bitcoin’s – Trustnodes

Ethereum Transfers $5 Billion in One Day, Transaction Levels Reach Nearly 70% of Bitcoin’s

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Ethereum saw a new high in activity yesterday, with an estimated 23 million eth transferred according to Infura, currently worth around $5.2 billion. While transactions have reached a new all-time high of 214,126.

Ethereum’s current transaction levels according to etherscan.

That compares to bitcoin’s transaction levels of 321,634 for yesterday, according to blockchain.info. Which means ethereum handled 67% of bitcoin’s transaction volumes, while its market cap currently stands at around 53% after reaching an all-time high of 61%.

Bitcoin’s current transaction levels according to blockchain.info

Bitcoin’s capacity is currently very limited, hitting a ceiling of around 300,000 transactions. Unable to process much more because of a fixed 1Mb blocksize every ten minutes.

Ethereum, on the other hand, can probably handle around a million or two million of daily transactions without much problem, with further plans to increase its on-chain capacity through Proof of Stake and Sharding.

It has recently seen considerable growth in transaction levels, which stood at around 50,000 just this March. But since the end of April the network has been adding around 50,000 transactions every other week as demand grows considerably.

That growth comes from many aspects. Ethereum is far cheaper than bitcoin currently, therefore many businesses have pivoted from btc to eth to take advantage of the lower fees.

The network is also much faster, confirming transactions in seconds as opposed to bitcoin’s 10 minutes at the best of times. Let alone bitcoin’s more and more common time estimates of hours to days because of its very limited capacity.

But eth’s demand isn’t based only on simple transactions. The network has seen utilization in some industrial projects, such as charging stations, energy networks, and car sharing Uber alternatives.

With another significant area of growth being ICOs, such as the BAT token sale we saw yesterday where millions were invested to fund what appears to be an interesting and innovative experimental project.

The platform, therefore, keeps making new highs in transaction levels, suggesting its utility has kept increasing recently, in line with its market cap and price which now stand at $21 billion and $230 respectively.

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