Victor Ugochukwu · Oct 27, 2020 . 6min read
Bitcoin wallet downloads rising but DeFi pushes transaction counts on Ethereum by over 300%
Ethereum's 7-day average transaction count sits around 1.09 million compared to Bitcoin's 320,000
By Victor Ugochukwu · Aug 29, 2020 . 5min read
Bitcoin is no longer under any form of obscurity. Atleast not with the volume of search activity on Google or with the way it trends regularly on Twitter. Data from reputable sources show that the number of Bitcoin wallet downloads has been climbing steadily. However, the exponential growth of the DeFi sector has seen Ethereum transaction counts surpass Bitcoin’s by over 300%
Since Bitcoin and cryptocurrency revolution kicked off fully in 2009, the interest from both retail and institutional investors has been nothing short of alarming.
To use Bitcoin and other cryptocurrencies like Ethereum, you need a wallet. Blockchain.com, a foremost bitcoin wallet and cryptocurrency solutions provider, already boasts of close to 50 million Bitcoin wallet downloads. It’s even claiming to be pursuing a 1 billion wallet download before the end of this new decade.
Corroborating Blockchain.com’s number, data from Statista shows a rising curve in the number of wallet users. According to the data resource website, Blockchain wallet users grew by over 467% amounting 50.7 million within the last four years.
Growing Bitcoin wallet downloads but DeFi pushes Ethereum transaction counts off the cliff
Amidst the impressive fundamentals for Bitcoin in wallet downloads, Ethereum snatches the title in terms of transaction counts. Ethereum’s 7-day average transaction count sits around 1.09 million.
Compared to Ethereum’s transaction counts currently spurred by DeFi interest, Bitcoin’s transaction counts hovers close to 320,000 for the entire network.
However, Bitcoin is still leading in average daily transactions volume in USD. Data from IntoTheBlock shows average weekly USD transaction volume in BTC is 20 billion.
This currently outweighs ETH’s dollar transaction volume at $1.6 billion.
In conclusion, the growth forecast for the cryptocurrency industry even though failed to reach the trillion-dollar mark after the 2017 bull run, looks good, especially with big institutions like Microstrategy buying $250 million worth of bitcoins possibly to hedge against inflation.
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Victor Ugochukwu · Oct 26, 2020 . 5min read