Ethereum has beaten Bitcoin in terms of settlement of daily transactions. The network now processes $3 billion more in daily transactions, compared to Bitcoin. The price of ETH jumped more than 10% in the last 24 hours to reach $1,340.
According to the data published by Messari, a crypto research firm, due to a significant rise in DeFi and stablecoins, the Ethereum network has been consistently settling more daily transactions than Bitcoin. Ethereum’s daily transaction volume jumped above $12 billion for the first time, while Bitcoin is processing nearly $9 billion daily.
The recent bullish momentum has pushed the price of ETH closer to the all-time high levels. The world’s second-largest cryptocurrency is now up more than 20% in the last 7 days, compared to just a 2% jump registered by Bitcoin. Ethereum’s total market cap now stands at around $150 billion as the ETH price is hovering near $1,330.
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“Ethereum’s daily transaction volume is going parabolic. It now settles $12 billion in transactions daily, $3 billion more than Bitcoin,” Ryan Watkins, a researcher at Messari said in a tweet.
Ethereum’s Network Upgrade
The official launch of Ethereum 2.0 has played a major role in the recent positive sentiment around the cryptocurrency. Ethereum has started its journey towards an efficient network with the launch of Beacon Chain in December 2020. Institutional adoption is another reason for ETH’s price jump. Grayscale, the world’s largest crypto asset manager accumulated a substantial amount of ETH in 2020 as the total Ethereum holding of Grayscale now stands at around 2.9 million with a total value of $3.6 billion. Moreover, the digital assets manager reported growing interest in ETH-related investment products from institutional investors.
ETH is the best-performing cryptocurrency among the top 3 digital assets. Ethereum is now targeting to register another all-time high as the digital currency is now trading at the highest level since January 2018. The total market cap of cryptocurrencies has reached $1.03 trillion. Bitcoin’s dominance slipped below 66% for the first time in 4 weeks.