Bitcoin Becomes A Digital Gold While Ethereum Moving Forward as Payment System
On Oct 23, 2020
The trading volume of the Ethereum increases and Bitcoin becomes more like digital gold rather payment system.
Transaction data shows that Ethereum becomes the leader in the crypto payment sector. Recent price booms in cryptocurrencies attract many people to the crypto worlds. The transaction volume of Ethereum surpasses the trade volume of Bitcoin. This difference is getting larger as time passes. Now Ethereum transacts two times more than Bitcoin. According to Messari, the crypto market data aggregator, the transaction volume of Ethereum is around $7 billion. Considering the less than $3 billion transaction volume for Bitcoin, we can conclude that it is significant numbers for Ethereum. The reasons are the rise of stablecoins on the Ethereum platform and the increasing interest in the DeFi. If we add up all these transactions, then Ethereum can be the first cryptocurrency that reaches the $1 trillion.
? Ethereum now transacts two times more value than Bitcoin daily.
This is what a cryptoeconomy looks like when it starts to find product-market fit.
— Ryan Watkins (@RyanWatkins_) October 21, 2020
Bitcoin Becomes an Asset
The price of Bitcoin reaches $13000 after for a long time. As the Bitcoin gains value, the treatment with Bitcoin changes, and it becomes an asset in the eyes of people. The number of people holds 0.1 BTC is now all-time high. The value of this is approximately $1180. Also, holders of 100 BTC increased and reached a six-month high, according to Glassnode. Also, Bitcoin whales reached an all-time high in August. With the latest price increase in Bitcoin, all those addresses made huge profits. These records show that bitcoin treated as an asset and investment for the future.
Recent changes in cryptocurrencies will determine the future of them. As the crucial stakeholder of cryptocurrencies, users will have the final voice. If users use Ethereum as a payment mean, then it will be payment system. If they treat Bitcoin as an asset then it will end up being an asset.