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Ethereum Ranks Ahead of Bitcoin in Weekly Transfers

Since the beginning of September , the collective cryptocurrency market , particularly Bitcoin (BTC) and Ethereum (ETH)

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Ethereum Ranks Ahead of Bitcoin in Weekly Transfers

Since the beginning of September , the collective cryptocurrency market , particularly Bitcoin (BTC) and Ethereum (ETH) , has been struggling with intense downward pressure. However, amidst all this confusion, Ethereum’s average 7-day transfer value has risen above Bitcoin, according to a report by Coinmetrics. On September 5, the average of 7-day transfers with ETH was $ 3.08 billion, while Bitcoin’s average was around $ 3.01 billion.

Additionally, it can be seen from the data provided that the average value in Ethereum is higher than Bitcoin in the next two days. Ethereum’s average transfer value has surpassed Bitcoin’s for the first time in two years. The most important reason behind this is undoubtedly the effect of DeFi applications built on the Ethereum platform.

First, in 2018, when Ethereum’s average 7-day transfer value surpassed Bitcoin, it was short-lived because it was the end of the 1st big bull run for cryptocurrencies. But things have changed dramatically in 2020 and Ethereum may stay ahead in value for good. It all depends on how the Ethereum ecosystem will evolve in the coming days.

In particular, the innovation and development surrounding Ethereum in the last 24 months has revealed the true potential value of Ethereum. However, DeFi is definitely in its early stages, according to many analysts. Many analysts liken the DeFi platform to 2017’s ICOs, but it could be an extremely important tool for the future.

The idea of ​​credit authorization, which can be created in seconds and without the involvement of a central authority, is an attractive concept and can become technologically more robust over time.

With these developments in Ethereum and the expected Ethereum 2.0 update, some balances in the crypto money market may also change. According to some analysts, Ethereum, which is the largest altcoin and the second largest crypto currency in terms of market value, can replace Bitcoin in the future. We do not know whether this theory will come true or not, but the potential rise of Etheruem will surely happen in the coming days.

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