For quite some time now, there have been rumors of how Ethereum will eventually flip Bitcoin. Referred to as “the flippening“, such a turn of events has not happened, nor will it happen anytime soon. That said, the following statistics shows Ethereum could be gaining on Bitcoin in some regards.
Transaction Volume Favors Ethereum
Looking at the overall network transaction count, it is evident Ethereum has a leg up over Bitcoin. Not just because it has more activity as a whole, but its core mechanics allow for a very different result. Faster network blocks allow for more transactions, giving Ethereum a leg up over Bitcoin in this particular department. What is interesting is how there has been strong growth for ETH in recent months. This uptrend began in July – August and shows no signs of slowing down whatsoever.
Considering how there are so many DeFi and DEX projects on Ethereum, these numbers are not entirely surprising either. Bitcoin and Ethereum have two very ecosystems altogether, and comparing the two based on this metric alone would do injustice to either. That being said, this rate of sudden growth is remarkable, for very different reasons. It is an indication that more USD is moved across Ethereum’s chain, by quite a margin.
Transaction Fees are no Contest
It is evident that Ethereum has made ample headlines with its overall transaction fees. The network has become ludicrously expensive to use at times. Several of the layer-two solutions, such as Loopring, can help address these concerns. Until those solutions are integrated more commonly, however, that is rather unlikely to happen. For now, Ethereum has flipped Bitcoin in this regard, but that isn’t necessarily a good thing either.
Having higher transaction fees is not automatically a sign of higher usage. Combined with the rise in USD value moved across the network, however, things are getting a bit more interesting. One has to wonder what these statistics will look like in the months and years to come. All of these statistics are mere snapshots of what is happening right now. They are not an indication of what the future may hold for these particular networks.
More Ethereum Nodes
One crucial statistic is the number of network nodes. More nodes means more decentralization, and higher network security. Currently, Ethereum has beaten Bitcoin hands down, which is somewhat surprising. There are 9,025 Ethereum nodes on the network today, according to Ethernodes. A healthy figure, primarily consisting of geth nodes. Comparing this to Bitnodes statistics, there are just 7,628 Bitcoin network nodes. A very big gap, although it isn’t necessarily worrisome.
What this may indicate is how more people are preparing to run a staking node when Ethereum 2.0 gets released. It will be a major network upgrade that introduces several core changes. Once this launch occurs, the numbers may look very different once again. It is also worth noting the overall BTC nodes do not include Lightning Network nodes. That is a layer-two scaling solution, and should be treated differently from the main network statistics.