Ethereum network's daily transaction volume is 28% higher than Bitcoin's

According to crypto analytics firm Messari, daily transaction volume on the Ethereum network is now 28% higher than that of the Bitcoin network.

On January 19, Messari researcher Ryan Watkins tweeted that daily transaction volume on the Ethereum network "is growing parabolically." A chart attached to the tweet showed that in the past 24 hours, Ethereum and Ethereum-backed stablecoins have processed $12.3 billion in transactions, while USDT, issued based on the Bitcoin Omni protocol, is insignificant, with a daily transaction volume of $9.3 billion.

Ethereum’s daily transaction volume is growing parabolicly.
The Ethereum network now processes $12 billion in transactions per day, $3 billion more than the Bitcoin network.
Imagine not being bullish on ETH.
— Ryan Watkins (@RyanWatkins_) January 19, 2021

The data does not include Ethereum’s non-stablecoin ERC-20 trading volume to avoid double counting of DEX (decentralized exchange) trading volume.

According to the “Flip Index” from German site The Blockchain Center, which uses eight key metrics to track whether the size and activity of the Ethereum network has surpassed Bitcoin, the current flip index is 63.5%.

While data from The Blockchain Center shows that Ethereum’s transaction volume has not yet surpassed Bitcoin, the Flip Index shows that Ethereum has surpassed Bitcoin in terms of number of transactions and total transaction fees.

The data also shows that in recent months, Ethereum's node count has reached 94% of Bitcoin after several brief flips, and according to the data, Ethereum's transaction volume is now equivalent to 57% of Bitcoin's transaction volume after rebounding to a record 76% last week.

Flip Index: Blockchain Center

Despite Ethereum’s momentum, the index shows that Ethereum has only 14% of Google searches compared to Bitcoin, and Ethereum’s market capitalization is only 21% of Bitcoin’s. However, Messari estimates that the entire Ethereum ecosystem is worth $212 billion, equivalent to 31% of Bitcoin’s market capitalization.

Polkadot, a project initiated by Ethereum co-founder Gavin Wood, achieved a market value reversal last week and has replaced Ripple's XRP to become the third largest non-stablecoin crypto asset after Ethereum.

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