Bitcoinย (BTC) Leads Ethereumย (ETH) in Daily Active Addresses
Althoughย while Ethereumย (ETH) dominates the world of decentralizedย financeย (DeFi) and non-fungible tokens (NFTs), recent onchain data impliesย that Bitcoinย (BTC) has the upper hand inย theย caseย of user engagement. According to Artemis Terminal data, Bitcoinย (BTC) has more daily active users than Ethereumย (ETH), regardlessย of primarily being a transactional layer for value transfer.
Despiteย theย factย that Ethereumย (ETH) serves as a platform for trustless applications and asset movement like Bitcoin, it falls behind in terms of daily active addresses. On September 15, Bitcoinย (BTC) had over 800,000 daily active addresses, more than double the number of Ethereumโs 378,000. The only exception was on September 13 when Ethereumย (ETH) experienced a slight increase with over 1 Million activated addresses.
Ethereumย (ETH) Processes Over 1 Million Transactions Everyday
On the other hand, Ethereumย (ETH) excels in the number of daily transactions processed. As of September 15, Ethereumย (ETH) had confirmed over 1 Million transactions, while Bitcoinย (BTC) lagged behind with less than 600,000. Nonetheless, this is still a wholeย lotย of fall compared to September 13 when Ethereumย (ETH) processed over 2.3 Million transactions. Onย theย otherย sideย , Bitcoinโs daily transaction count has remained steady.
Daily active addresses and transaction count are critical metrics for analyzing the engagement and health of public blockchains. In the past 18 months, blockchain activity has declined due to sliding asset prices during the cryptocurrency winter. The fall in Ethereumโs price from $5,000 to $1,500 negatively influenced DeFi and NFT activity.
The Impact on DeFi and NFT Projects
This decline is evident in the total value locked (TVL) of DeFi protocols, which has stabilized below $50 Billion compared to around $180 Billion in 2021, according to DeFiLlama. Volumeย ofย trading has likewise plummeted by over 90%, causing the value of NFT-related projects like Immutable X and ApeCoin to decrease significantly. Forย instance, ApeCoin has experienced a 96% fall from its peak.
Hot Take: Bitcoinย (BTC) Takes the Lead in User Engagement, Onย theย otherย hand, Ethereumย (ETH) Dominates DeFi and NFTs
Althoughย while Bitcoinย (BTC) may have more daily active users and healthier network activity, Ethereumย (ETH) remains the primary hub for decentralized finance and non-fungible tokens. Its capacity to process over 1 Million transactions daily showcases its scalability and utility for dapps. Nonetheless, both digitalย currencies face challenges, with Ethereumโs activity being influenced by market conditions and Bitcoinโs transaction count lacking wholeย lotย of growth. As the cryptocurrency landscape continuesย to evolve, it will be interesting to see how these two giants compete and adapt to changing user demands.
Newt Bettec emerges as an intellectual voyager at the intersection of crypto analysis, meticulous research, and editorial mastery. Within the digital labyrinth of cryptocurrencies, Newt’s intellect traverses intricate corridors, resonating with seekers of diverse inclinations. His talent for unraveling complex threads of crypto intricacies seamlessly blends with his editorial finesse, transmuting intricacy into an engaging tapestry of understanding.
