Ethereum turns Bitcoin back over, what happens?

According to website Money mover Based on the data from the CoinMetrics analysis tool, Ethereum is setting one record after another in terms of the value transferred.

Another day and one Flips other

As the Documenting Ethereum account tweeted, the Ethereum network processes more stablecoin values ​​than the bitcoin network.

The stablecoin value billed to Ethereum has flipped the BTC value billed to Bitcoin. pic.twitter.com/Mjy2vqRj9J

– Documentation from Ethereum (@DocumentEther) June 4, 2021

“The value of the stablecoins paid on Ethereum is Flip (consist) BTC value paid on Bitcoin“.

For the first time in its 6-year history, Ethereum will become a more important sender of money than the first blockchain.

The use of the Ethereum blockchain skyrocketed in the first quarter of 2021. Meanwhile, Bitcoin processed $ 13.73 billion and Ethereum processed $ 27 billion in 24 hours at the end of April.

At the time of writing, Bitcoin is processing a lower value of $ 13.251 billion per day, while Ethereum’s indices are more than doubling: nearly $ 55 billion rolling over to Ethereum every 24 hours.

Ethereum is out of the jam?

The escalating use of the Ethereum network could be due to the increased popularity of Dogecoin clones, as most of them are Ethereum-based ERC-20 tokens. The ETH sell-off in mid-May also contributed to this impressive result.

In the meantime, today’s “Flip” event is vital as Bitcoin has long been recognized as the most popular cross-border transfer method in the crypto space. As a result, Ethereum stablecoins (mainly USDT and USDC) are establishing themselves as the new method of choice for this purpose.

Ethereum Average Transaction Fee History | Source: Bitinfocharts

Interestingly, Ethereum’s fees are currently at their lowest level in months, around $ 2. The transaction fees on this blockchain have been rising continuously since 2020, which is causing many difficulties for merchants.

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