Bitcoin Has More Daily Users Than Ethereum, Despite Fewer Transactions
While Ethereum is known for its smart contracts, decentralized finance (DeFi) applications, and non-fungible tokens (NFTs), recent data suggests that Bitcoin has more daily active users. This means more people are actively using Bitcoin on a daily basis, even though Ethereum handles more transactions.
On September 15, according to data from Artemis Terminal, Bitcoin had over 800,000 daily active users, which is more than double the number for Ethereum, which had just over 378,000 daily active users. Ethereum did see a brief surge on September 13, with over 1 million daily active users, but it quickly dropped back down to around 743,000. In contrast, Bitcoin’s daily active user count has been steadily increasing since late August, while Ethereum’s count has been more volatile.
Ethereum Processes Over 1 Million Transactions Daily
Ethereum excels in the number of daily transactions it processes. As of September 15, Ethereum had processed over 1 million transactions, whereas Bitcoin confirmed fewer than 600,000 transactions. However, it’s worth noting that Ethereum’s transaction count has been fluctuating, and it processed over 2.3 million transactions on September 13, significantly more than on September 15. Meanwhile, Bitcoin’s daily transaction count has remained relatively stable.
These metrics, daily active users, and daily transaction counts are crucial for analyzing the engagement and overall health of public blockchains.
In the past 18 months, the cryptocurrency market has seen a decline in activity due to falling asset prices, often referred to as the “crypto winter.” Ethereum, for instance, dropped from around $5,000 in late November 2021 to as low as $1,500 in 2022. This had a negative impact on DeFi and NFT activity.
According to DeFiLlama, the total value locked (TVL) in DeFi protocols has stabilized below $50 billion, down from approximately $180 billion in 2021. Additionally, trading volumes have plummeted by over 90%, affecting the value of NFT-related projects like Immutable X and ApeCoin. For example, ApeCoin has declined by 96% from its peak.
