Bitcoin’s Daily Transaction Volume is More Than the Other Top 10 Crypto Assets Combined
In the beginning, there was only Bitcoin. Now, there are thousands of altcoins vying for a spot on the frontpage of the crypto asset charts.
However, none of these newcomers have been able to come close to Bitcoin in terms of practically any measurable data point. For example, Bitcoin still processes more US dollar-denominated transaction value per day than all of the other top ten crypto assets combined, according to Coin Metrics.
Here are the 30-day averaged adjusted transaction volumes for the top ten crypto assets ranked by market cap as of January 16th:
Bitcoin: $1.47 billion
Ripple: $135.83 million
Ethereum: $432.56 million
Bitcoin Cash: $296.41 million
EOS: $152.47 million
Litecoin: $37.81 million
TRON: $44.15 million
Bitcoin SV: $58.88 million
Cardano: $34.76 million
Combined, the non-Bitcoin crypto assets in the top ten process $1.19 billion worth of estimated transactions per day.
Tether’s TetherUS Token is not included in this comparison because it is a US dollar-backed stablecoin rather than a traditional crypto asset. However, it’s worth noting that TetherUS’s daily adjusted transaction volume from the same time period is $231.57 million.
It’s also debatable whether Ripple, Stellar, and EOS should be included in this list, as their unsuitability for anonymous validators puts their classification as true crypto assets into question as well.
An obvious outlier in this dataset is Stellar, which processes less than half a million dollars per day of transaction volume while also being the sixth most valuable crypto asset ranked by market cap. To put this in perspective, this is less than one-thirtieth of Dogecoin’s daily transaction volume.
Bitcoin’s dominance in the area of transaction volume is likely due to two major factors: network effects and reliability, and there are no clear competitors in these areas at this time.
Read the original report here.