Bitcoin’s Daily Active Addresses Outperform Ethereum, Despite Lower TX Count

Bitcoin's Daily Active Addresses Outperform Ethereum, Despite Lower TX Count

Bitcoin (BTC) Leads Ethereum (ETH) in Daily Active Addresses

Although while Ethereum (ETH) dominates the world of decentralized finance (DeFi) and non-fungible tokens (NFTs), recent onchain data implies that Bitcoin (BTC) has the upper hand in the case of user engagement. According to Artemis Terminal data, Bitcoin (BTC) has more daily active users than Ethereum (ETH), regardless of primarily being a transactional layer for value transfer.

Despite the fact that Ethereum (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, Bitcoin (BTC) had over 800,000 daily active addresses, more than double the number of Ethereum’s 378,000. The only exception was on September 13 when Ethereum (ETH) experienced a slight increase with over 1 Million activated addresses.

Ethereum (ETH) Processes Over 1 Million Transactions Everyday

On the other hand, Ethereum (ETH) excels in the number of daily transactions processed. As of September 15, Ethereum (ETH) had confirmed over 1 Million transactions, while Bitcoin (BTC) lagged behind with less than 600,000. Nonetheless, this is still a whole lot of fall compared to September 13 when Ethereum (ETH) processed over 2.3 Million transactions. On the other side , Bitcoin’s daily transaction count has remained steady.

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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 Ethereum’s 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. Volume of trading has likewise plummeted by over 90%, causing the value of NFT-related projects like Immutable X and ApeCoin to decrease significantly. For instance, ApeCoin has experienced a 96% fall from its peak.

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Hot Take: Bitcoin (BTC) Takes the Lead in User Engagement, On the other hand, Ethereum (ETH) Dominates DeFi and NFTs

Although while Bitcoin (BTC) may have more daily active users and healthier network activity, Ethereum (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 digital currencies face challenges, with Ethereum’s activity being influenced by market conditions and Bitcoin’s transaction count lacking whole lot of growth. As the cryptocurrency landscape continues  to evolve, it will be interesting to see how these two giants compete and adapt to changing user demands.

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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.

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