The Ethereum network could be the first cryptocurrency to process $1 trillion worth of transactions by the end of 2020.
The potential of the Ethereum network to reach this milestone has been revealed by Messari, the data aggregator for the crypto market, who noted that the 30-day moving average daily volume of Ethereum transactions is currently at $7 billion. Messari believes that if the momentum is maintained, the network will eventually process transactions worth up to $1 trillion this year.
As Messari’s Ryan Watkins said, “Ethereum’s progress has been so incredible that it is likely to be the first public blockchain ever to pay $1 trillion a year”.
Ethereum undoubtedly lost out to Bitcoin, as both digital currencies are at the top two of the other cryptocurrencies, and analysis of Messari transaction volumes between the two coins shows that if the forecasts are correct, Ethereum will outperform Bitcoin for the first time this year.
Total Ethereum transaction volume in 2016 was $7 billion, while Bitcoin reached $88 billion. Both networks experienced relative growth in 2017, with total Ethereum transactions exceeding $360 billion and Bitcoin transactions exceeding $685 billion mark. Bitcoin appears to have had the highest transaction volume to date in 2018, when it was $849 billion. Ethereum is expected to outperform Bitcoin in terms of total transaction volume by 2020, while Bitcoin is expected to have the second highest volume recorded at $800 billion.
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