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The average daily transaction value on the Ethereum platform is already on par with Bitcoin (BTC).

According to prime xbt, the daily transaction level (total value of assets circulating on the Blockchain during the day) of the Ethereum network is starting to be on par with that of Bitcoin. As of April 12, this figure reached approximately $1.5 billion. Coins traded on Ethereum include Ether (ETH) and stablecoins on this Blockchain, especially Tether (USDT). Note, stablecoins are digital currencies tied to real assets, so they can stabilize prices.

The cause of this phenomenon comes from Bitcoin, because this coin reached a daily transaction level of more than 3 billion USD in July 2019, but failed to maintain that while the transaction value on Ethereum climbed. Therefore, the daily transaction level of the second virtual currency on the Ethereum market has steadily increased from 115 million USD in December 2018 to 1.5 billion USD today.

Since the beginning of January, Bitcoin’s daily transactions have also increased, but have lost momentum since the mass drop in March.

Ethereum surpasses Bitcoin in terms of transactions per second

Before that, Ethereum was also recorded to have surpassed Bitcoin in another index. Bitcoin’s transactions per second peaked at 4.7 during its heyday of 2017. This year, the index started to fall on March 12 when the market crashed and has now reached approximately 3 transactions. /second.

Meanwhile, Ethereum peaked at 15 transactions per second in 2020, and currently processes around 9 transactions per second. This metric is inaccurate due to transaction batching, second layer (off-chain) solutions, etc.

See more: Will Ethereum price break the barrier cause the market to go up

Developers Look to Ethereum Instead of Bitcoin

While both platforms have a core protocol development team to meet their needs, Ethereum has led the way in positivity so far. As of March 7, an average of 99 developers contribute to Ethereum every month, while Bitcoin is second with 47 people.

To a large extent, Ethereum is far ahead in the number of developers contributing code to the two platforms’ repositories: on average, Ethereum has 216 people a month, and Bitcoin has more than 50 people.

But Bitcoin has an advantage in price, because the price of 1 BTC is 40 times the price of 1 ETH, even though the total amount of Ether in circulation is only 5 times that of Bitcoin.