Ethereum & Bitcoin retracing today! IS IT OVER?
Interest in Ethereum blockchain has exceeded interest in Bitcoin for a month
Interest in Ethereum blockchain continues to outstrip interest in Bitcoin.
In the last 30 days, this fact is confirmed by the total amount of commissions paid in both networks..
The growth driver of the Ethereum network is now the boom in DeFi and other technological innovations..
The total amount of commissions in the Ethereum network has been surpassing that in the Bitcoin blockchain for 30 days, delighting Ethereum enthusiasts.
You have to pay for good
As Ethereum enthusiasts are confident, the interest of the crypto community in bitcoin is declining, while the Ethereum ecosystem is attracting more and more followers. As proof, they point to the record total fees that Ethereum blockchain members pay to use this ecosystem..
According to the analytical resource Glassnode, such commissions average $ 800,000 per day on a daily basis. Meanwhile, the Bitcoin network has been lagging behind Ethereum in this indicator for 30 days (in dollar terms).
Crypto entrepreneur Anthony Sassano (@ sassal0x) wrote about this fact today, highlighting:
“It’s simple: it means that the demand for the Ethererum blockchain is higher than the demand for the Bitcoin network.”.
Critics might argue that the rise in fees may reflect Ethererum’s scalability issues. However, Sassano recalls that the Ethereum mainnet is now developing a huge number of technical solutions to this problem. In recent months alone, OMG Network, Matic, Celer, Raiden and Aztec Protocol have been launched, among others.
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Will Ethereum be able to absorb Bitcoin??
As mentioned more than once before, the main driver of the current growth of the Ethereum ecosystem is the boom in the DeFi token segment created on the basis of this blockchain. According to the latest data, almost $ 10 billion worth of tokens are now in various staking contracts..
Meanwhile, the Bitcoin network does not have a DeFi infrastructure by default Decentralized Finance (DeFi) – this is financial services, built on blockchain technology, which offer users access to open, efficient and … More, it gives the Ethereum blockchain a tangible competitive advantage and attracts even Bitcoin holders to it. They are tokenizing their BTC to take advantage of the rapidly growing DeFi market.
As a result, the Ethereum network boasts a whole list of positive fundamental characteristics, including the prospects for the launch of Ethereum 2.0. Bitcoin may still be the main store of value in the crypto space, but Ethereum has been innovating much more recently and aims to build a mature ecosystem powered by its own collection of dApps and financial infrastructure..
This independent economic model can be much more than speculative activity, in which players simply seek to make a profit by selling cryptoassets and exchanging them for fiat..
However, curiously, ETH – the currency of the Ethereum blockchain – has been unable to take advantage of the current prosperity of its network. Moreover, as some experts believe, other tokens generally displace the currency from its native habitat..
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