The price of ETH has increased by more than 10% in the last 24 hours to reach $ 1,340. In addition, Ethereum surpassed Bitcoin in terms of daily transaction volume. The Ethereum network currently handles $ 3 billion more in daily transactions than Bitcoin.
Due to the significant increase in DeFi and stablecoin, the Ethereum network is consistently processing more daily transactions than Bitcoin, according to data published by Messari, a crypto research firm. While Ethereum’s daily transaction volume exceeds $ 12 billion for the first time, Bitcoin is processing about $ 9 billion a day.
“DAILY TRADING VOLUME OF ETHEREUM BECOMES PARABOLIC. NOW IT DOES TRANSACTIONS OF 12 BILLION DOLLARS DAILY, 3 BILLION DOLLARS MORE THAN BITCOIN ”
The recent bullish momentum brought the price of ETH closer to all-time highs. The second largest cryptocurrency in the world has gained more than 20% in the last 7 days, compared to a rise of only 2% recorded by Bitcoin. The total market cap of Ethereum is currently around $ 150 billion, while the ETH price approaches $ 1,330.
We can say that there are three main reasons why ETH has surpassed BTC in the past few days. These are the accelerating growth of Ethereum, developing sensitivity regarding DeFi, and the relatively low volatility period of BTC.
In particular, the official launch of Ethereum 2.0 has played an important role in recent positive thoughts about the cryptocurrency. Ethereum began its journey towards an efficient network with the launch of Beacon Chain in December 2020. Institutional adoption can be shown as another reason for the price increase of ETH. Grayscale, the world’s largest crypto asset manager, accumulated a significant amount of ETH in 2020 because the total Ethereum Grayscale owns is currently around 2.9 million and its total value is $ 3.6 billion. The digital asset manager also reported on the increased interest of institutional investors in ETH-related investment products.
Currently, ETH is the best performing cryptocurrency among the top 3 digital assets. Ethereum is at its highest level since January 2018 and has its next target all-time high. The total market capitalization of cryptocurrencies reached $ 1.03 trillion. Bitcoin’s dominance fell below 66% for the first time in 4 weeks.