It will take patience to see Ether (ETH) reach $ 800. On the other hand, the volume of transactions on the network could cross the $ 1 trillion mark by the end of 2020.
Ethereum would only be 2 months away from breaking the Bitcoin (BTC) record, but it still faces a final challenge: that of dealing with the low interest around DeFi.
A 13-digit Ethereum
Ethereum could soon set a new record: according to data from Messari, Ethereum could become the first blockchain to have processed more than $ 1 trillion in transactions in 1 year by the end of 2020.
Messari indicates that the daily 30-day average of the volume of transactions on Ethereum is $ 7 billion. At this rate, the volume of transactions on the network could reach 1,000 billion dollars.
The volume of transactions ETH is currently double that of Bitcoin. In 2016, the total transactions processed on the blockchain BTC amounted to 88 billion dollars while that ofEthereum was $ 7 billion.
The current record is held by Bitcoin, with a transaction volume of 849 billion dollars in 2018. Projections indicate that this figure could reach 800 billion dollars in 2020.
He was number 1 and he will remain so
Messari attributes the increased volume of transactions to Ethereum to 2 main factors: the development of DeFi and the use of stablecoins.
Many competing networks developing around these 2 activities have emerged, taking advantage of the weaknesses ofEthereum, especially in terms of scalability.
However, the frenzy around DeFi is starting to wane and this slowdown will impact Ethereum.
For many analysts, the disappearance of DeFi will allow Bitcoin to automatically regain first place in terms of transaction volume.
In addition, unlike theEther, transactions on the network BTC are all based on the latter. Messari believes that 2021 will be a crucial year for the future of the 2 main cryptocurrencies in the market.
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