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- Santiment has revealed statistics and analysis that the on-chain volume and the daily active addresses has increased over the past three months.
- Bitcoin and Ethereum topping the charts as usual along with 100 other altcoins.
- The total average volume of the top 100 altcoins is more than the two blockchain giants.
A recent tweet by Santiment has revealed statistics and analysis that the on-chain volume and the daily active addresses has increased over the past three months. Bitcoin (BTC) and Ethereum (ETH) topping the charts as usual along with 100 other altcoins. However, the total average volume of the top 100 altcoins is more than the two blockchain giants. The link to the tweet:
1) On-chain volume and daily active address percent change increases over the past three months for $BTC, $ETH, and top 100 altcoins. The area chart is $BTC's price. A few things to note:
— Santiment (@santimentfeed) June 26, 2020
📌When #altcoin volume begins rising swiftly, local tops have tended to form
(Cont'd ⬇️) pic.twitter.com/wdRt3ApwXl
Ethereum Growing Faster Than Bitcoin
Despite the fact that the average volume of the altcoins are more, Ethereum blockchain is leading the list. Santiments concluded that the second largest blockchain is growing faster than Bitcoin considering the last three months. The transactional throughput of the top altcoins has increased by 20,000 percent since March 27, 2020. While in comparison Bitcoin’s transactional throughput has increased by 17,500 percent.
Ethereum’s Milestone Of One Million Transactions
On June 25 the number of addresses holding at least 10 Ether reached an all time high. A spike of 20000 percent of the Ethereum since March 27 has been reported. Hence, Ethereum easily has overtaken Bitcoin in terms of the active wallets. Although Bitcoin is falling behind both Ethereum and the altcoins, its active addresses are increasing steadily than its on chain volume. Simultaneously, June 25 also marked the milestone of over one million transactions in the Ethereum network that too for three consecutive days. This feat has been achieved for the first time since 2018’s ICO boom. Ethereum’s daily rise in the active addresses is also a hint towards the prevailing bullishness for the Ether market.
Altcoins Performing Well Parallely
Apart from Bitcoin and Ethereum, the Altcoin market has been rapidly growing in the last three months. Santiments data proved that all altcoins by market capitalisation collectively have outpaced the top two blockchains in terms of trading volume. From previous results, a strong steady increase in the trade volumes of the altcoin market can bring about to form a local top.
For Ethereum this is good news, because it has expanded by 76% considering the year-to-date timeframe and has paved its way to become the most successful cryptocurrency of all time with its top DeFi protocols and usage in stablecoins as the top contributors of its market capital. Ryan Watkins, a research analyst as Messari had noted that stablecoins account for 80% of Ethereum’s total assets settled. This gigantic achievement by Ethereum both in volumes and active addresses is a hint that Ethereum is widely adopted by users.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
