Mastering Crypto

07/19 03:16

Ethereum Network Almost Twice as Busy as Bitcoin

Ethereum Network Almost Twice as Busy as Bitcoin: Data

ITB decoded daily transaction of some of the top blockchains and observed some interesting insights.

While the digital asset space may have been reeling under arguably the worst bear market in its history, users are mostly unfazed as transactions across various networks continue. Such transactional activity demonstrates the resilience of the market participants.

As evidenced by the latest infographics shared by the prominent analytic platform, IntoTheBlock, not all blockchains are “created equal” when it comes to daily transactions.

ITB observed Ethereum is almost twice as busy as Bitcoin, making it the leader in daily transactions with over 944k, while that of the latter was found to be at 507k. 

In a surprising trend, Algorand recorded more daily transactions than Bitcoin despite experiencing a consistent decline in the value of the native token. ALGO’s price was down by 40% since the beginning of the year, but Algorand recorded daily transactions of 540.9k.

Even as Dogecoin processes transactions much faster than Bitcoin, the latter still boasts over seven times more than the average number of daily transactions on the OG memecoin, which stands at 70.1k.

ITB noted that Doge may have the hype, but “Bitcoin has the hustle.”

Litecoin’s network has been picking up all year, especially since the beginning of April. The search trends for the crypto-asset also hit a yearly peak recently. But in the past few weeks, the network fundamentals have plummeted.

According to the latest stats, the Litecoin network recorded around 130k in daily transactions. 

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