Ethereum’s (ETH) Daily Value Transfers At Parity With Bitcoin (BTC)

Ethereum’s (ETH) Daily Value Transfers At Parity With Bitcoin (BTC)

Ethereum (ETH) has seen its daily value transfer figures equal Bitcoin (BTC)’s, analytics data shows.

Ethereum’s daily value transfer has risen significantly in 2020. As per blockchain research and analytics firm Messari, the top altcoin established parity with Bitcoin on April 12.

Daily average transactions on the leading altcoin’s platform reached about $1.5 billion, figures similar to those recorded on the Bitcoin network.

The research firm notes that Ethereum’s daily value transfer levels were at a low of $115 million in December 2018. Bitcoin, which has seen its daily transaction levels dwindle, saw over $3 billion worth of value transferred in July 2019. But the pioneer cryptocurrency has failed to maintain these levels and average transactions have declined since prices crashed in March.

Messari’s Ryan Watkins attributes the growth in Ethereum’s average value transfer to the “explosion of stablecoins” in the first three months of 2020.

He added on Twitter:

“Q1 2020 was stablecoins’ best quarter ever. Driven by a global flight to safety amidst the coronavirus pandemic, stablecoin issuance ballooned over $8 billion in the quarter.”

Ethereum dominates Dapp ecosystem

Ethereum’s good performance in April is also being witnessed in its dominance within the dapp landscape. Despite the March 12 price crash, the altcoin’s dapp activity in Q1 2020 was better than that if Q1 2019.

According to DappRadar, the year-over-year growth in interactions with Ethereum-based dapps jumped 64%. The number of active wallets in the first quarter also increased by 16% compared to that of Q4, 2019.

Growth has also been witnessed in the use of DeFi, with the number of unique active wallets rising by 86% over figures in the last quarter. Decentralized exchanges have also seen an increase in usage, with active wallets up by 99% since January.

Overall, the total value interacting ETH smart contracts climbed 370% in the first quarter compared to the last quarter of 2019.

Comparatively, Ethereum has seen more growth than its main competitor blockchain platforms EOS and Tron. Dapp activity on EOS has dwindled by 70% in the last 12 months and 10% in Q1 2020. Tron has also seen dapp activity figures decrease year-over-year. The platform saw an 18% increase in users of decentralized applications in Q1 2020. However, activity in the quarter was 15% down on levels recorded a year ago.

Ethereum (ETH) having a good April

Ethereum price has so far had a good April, with the token up by more than 20% in the past 7 days. The top altcoin’s value dropped to lows of $100 in March but has surged to touch a high of $170 in the past 24 hours.

Ethereum is up +6% to trade just above $170 on Bitstamp. EOS has surged +7% at $2.64 and Tron (TRX) is +3.5% at $0.013. Bitcoin (BTC), just days away from its halving, has climbed +2.77% to top $7,000 (Thursday, April 16, 2020, 10:25 UTC).

Featured image courtesy of Shutterstock.

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