Today’s crypto market currently has thousands of different digital assets all trading collectively. Even with the considerably large number, there has never been a doubt that Bitcoin is the most popular and most talked about, something that’s not at all surprising when you consider that BTC almost always dominates well more than half of the entire market.
Recently, BTC began a price jump that has now pushed it to its current price of $9,100 with a market dominance of 67.4%. However, it has now been pointed out that the world’s second-largest asset, Ethereum (ETH) has hit a record that significantly dwarfs that of BTC.
Truffle Suite founder and former Consensys developer, Tim Coulter, has brought news to the fore, that the number of Ethereum transactions since its starting point has exceeded that of Bitcoin since its own inception, by more than 100 million. In a tweet, Coulter also suggests that ETH might be a lot more efficient than BTC.
According to the tweet:
Ethereum has processed 100M more transactions than Bitcoin in less than half the time. This either means one of two things:
1. More people use Ethereum. OR:
2. Less people use Ethereum, more often.
Each suggests Ethereum has higher utility for those who use it.
— Tim Coulter (@timothyjcoulter) October 29, 2019
The realization that ETH is used much more than BTC is worth thinking about. The Bitcoin network went live back in 2009 on the 3rd of January and has still not hit 500 million transactions in almost 11 years. By comparison, ETH went live less than 5 years ago and is already on its way to 600 million transactions.
Bitcoin for many years has been berated by members of the crypto community for many of its issues, such as poor scalability. Furthermore, it’s been said that with each halving and as the block rewards reduce, the network might have a huge problem and could start slowly getting abandoned by miners.
Additionally, even though it would still take over 100 years, there are still conversations about what will happen when all of Bitcoin’s 21 million capacity is maxed out.
In a separate tweet, Coulter declares BTC a “high-risk investment vehicle”, proclaiming that it is “not a store of value.” He, however, admitted that ETH is also high risk but has better tech.