Ethereum’s Transaction Volume Doubles That of Bitcoin; Also Reaching Record High Prices Above $420
“Founder of Ethereum Vitalik Buterin has previously expressed that Ethereum will match the scale and capacity of Visa in ‘a couple of years’ ”
Ethereum’s number of transactions — at the time of writing standing at 546,489 — has now doubled that of bitcoin, which stands at 256,709. This is only a couple of numbers shy of its record transaction volume of 546,837 in October 20, 2017.
The value of Ethereum has hit an all time high of USD420. Since yesterday, its value has risen by 15.57%, representing a rise of about 40% since last month in late October. This matches the rise in the value of bitcoin since last month, which stands around 45% (now standing around USD 8,165).
Ethereum’s number of transactions illustrated by etherscan.io
Bitcoin’s number of transactions illustrated by blockchain.info
The scale and capacity of cryptocurrency transactions, however, still lags very far behind major non-blockchain networks such as Visa — as noted by founder of Ethereum Vitalik Buterin in September this year. In an interview with TechCrunch, he said:
“Bitcoin is currently processing a bit less than 3 transactions a second and if it goes close to 4 it’s already at peak capacity. Ethereum, over the last few days, has been doing 5 a second and if it goes above 6, then it’s also at peak capacity.”
“On the other hand, Uber on average has 12 rides a second, PayPal several hundreds, Visa several thousands, major stock exchanges tens of thousands, and if you want to go up to IoT then you’re talking hundreds of thousands,” he added.
Nonetheless, Buterin expressed confidence that Ethereum will match the scale and capacity of Visa in “a couple of years” as the cryptocurrency community expands, resulting in greater cycles of demand and supply in the market.
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