It is often pointless to compare Bitcoin and Ethereum as both networks operate on very different levels. Even so, checking crucial network metrics like transaction value, hashrate changes, mining profitability, and overall transaction count can be worthwhile. Bitcoin leads on most fronts, which isn’t too surprising.
Bitcoin Dominates Ethereum On Most Fronts
As the older network, Bitcoin has an outspoken advantage over all other blockchains that came after it. Being the most secure network and having the highest market capitalization are just two outcomes of that dominant position. Even so, Ethereum has roughly half the market cap of Bitcoin, even if the network falls behind on nearly all crucial statistics.
Bitcoin has a very curious metric where value sent per 24 hours is concerned. BitInfoCharts calculates this amount compared to the market cap. To man, it may seem scary to see Bitcoin have over 10% of its market cap transferred across the network in 24 hours. That is a healthy statistic, though, whereas Ethereum notes just 1.15%. Moreover, Bitcoin saw over $42 billion transferred over its network in a day, whereas Ethereum stayed below $2.5 billion.
Moreover, Bitcoin has Ethereum beaten in terms of value sent across the network per hour and average transaction value. Bitcoin has an average of $1.76 billion per hour and an average TX value of just over $162,000. Ethereum notes under $100 million sent per hour and an average transaction value of $2,205. More than respectable figures for both networks, but it is impossible to ignore this huge gap.
Furthermore, the bitcoin network saw a healthy hashrate increase by 7.65% in the past day. Ethereum’s hashrate increased too, but only by 1.03%. Not entirely surprising as the network will transition to proof-of-stake in a few weeks. Only time will tell if PoS offers sufficient network protection, but there is no reason to be concerned about that aspect.
Ethereum Has Far More Transactions
One interesting difference between the two networks is that Ethereum has far more daily transactions. The network surpasses 1 million network transfers with relative ease. On the other hand, Bitcoin is stuck at 261,000, which is still more than decent. It seems unlikely that Bitcoin will surpass 1 million transfers without scaling solutions like the Lightning network, but one never knows what the future may hold.
That higher number of daily transactions is not due to more active addresses, though. Bitcoin still has a firm lead – 795,303 vs 692,617 addresses – which is somewhat curious. It is also worth pointing out that the Ethereum blockchain is slowly closing in on Bitcoin in size, with 345.17 GB vs. 490.48 GB. Ethereum has much faster block times, which will contribute to overall chain growth.
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