Ethereum has now become the largest digital network for trustless money settlement as it surpasses Bitcoin.
The milestone move was noted by Ethereum advocate and Mythos Capital founder Ryan Sean Adams who posted a CoinMetrics chart comparing adjusted value on-chain transfers for the two assets.
Both Bitcoin and Ethereum saw their transfer values spike in January 2021 as new all-time highs were hit, but ETH has now flipped its big brother in terms of this metric.
Adams exclaimed that there was only one “flippening” left, presumably referring to the asset prices. Adams added,
“They say reserve currency status is the last to fall when an economic power gets outcompeted.”
CoinMetrics reported that Ethereum’s adjusted transfer value reached over $19 billion on Feb. 4, its highest level ever. It added that the new high is due to a huge surge in the amount transferred by Ethereum smart contracts, but this may have also been affected by the Yearn Finance vault exploit.
More On-Chain Bullishness
DeFi777 protocol founder David Mihal added that when wrapped Ethereum is included, the Ethereum network took the lead several months ago. His chart includes ERC-20 stablecoins such as Tether, wrapped Bitcoin, and Dai as Ethereum-based assets to be included in the value transfer metric.
Naturally, any pro-Ethereum posts on Twitter these days generate a tirade of angst over the epic gas fees that make smaller transactions totally unfeasible. There are solutions in the pipeline, however, such as an increase in Layer-2 exchanges and the long-awaited EIP 1559 gas-saving upgrade.
Other on-chain metrics are just as positive for the network. These include its hash rate which has just hit an all-time high of 348.6 TH/s according to BitInfoCharts. This metric, often referred to as computing horsepower, demonstrates security for proof-of-work networks, and miners are certainly raking in the profits at the moment.
Active addresses have also surged for Ethereum and Bitcoin, and CoinMetrics pointed out that these two crypto giants are way ahead of the pack;
“BTC and ETH each have more daily active addresses than XRP, XLM, LINK, LTC, ADA, BNB, and DOGE combined.”
Ethereum Price Update
At the time of press, Ethereum prices were at another all-time high of $1,830 according to TradingView. This marks a 14% increase from the weekly open price of $1,613.
Its market capitalization now is over $200 billion which makes Ethereum about the same size as U.S. tech and telecom giants Cisco and AT&T.
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