TL;DR Breakdown:
- Ethereum has overtaken Bitcoin in daily transaction volume.
- The second-largest crypto is only 36 percent away from overtaking BTC as the largest digital currency.
Many cryptocurrency market participants, especially Ether (ETH) bulls, believe that the second-largest crypto will overtake Bitcoin (BTC) as the leading cryptocurrency in the future. Data shared from Messari on Tuesday showed that Ethereum has surpassed Bitcoin in daily transactions volume, which is one of the key metrics used in calculating the Flippening index from Blockchain Center.
Although Ethereum has already overtaken Bitcoin in some metrics, the possibility of the crypto surpassing BTC seems far-fetched – not in the near time, at least.
Ethereum fulfill another Flippening metrics
Ryan Watkins, a researcher at Messari, a crypto data and market intelligence provider, shared a chart on Tuesday, confirming the spike in daily ETH transaction volume. There is unarguably an increasing number of users on Ethereum, as the network now processes about $12 billion in daily transactions. From the chart, this is about $3 million more than what the Bitcoin network processes on a daily basis.
The development can be attributed to the increasing number of crypto users in the decentralized finance (DeFi) industry, including the growth of stablecoins running on the network. Some ERC-20 token volumes weren’t included in the data to avoid double counting from decentralized exchanges (DEXs).
Ether Flippening index at 63.5%
The Flippening index currently reads 63.5 percent, meaning that Ether is about 36.5 percent away from overtaking Bitcoin as the largest digital currency. Aside from the transaction volume, Blockchain Center uses other important metrics like market capitalization, trading volume, active addresses, node count, transaction count, Google search interest, and others.
Ether has completely surpassed Bitcoin in transaction count, total transaction fee. The node count is closing in at 94 percent. While many ETH bulls believe in the Flippening, many Bitcoiners maintain that BTC will continue to dominate the market.
