Ethereum has outperformed Bitcoin by 460% in number of transactions, but sending BTC has been 3.5x cheaper: A view on 2023 data so far
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I’ve gathered Jan-Feb 2023 data from both blockchains to see how the two biggest hounds in the shed are performing in terms of number of transactions and their costs.
For BTC, I’ve used Nasdaq data. For ETH, I’ve used etherscan’s native data. Data was taken from 1st Jan 2023 to 28th Feb 2023.
Note: This analysis does not include L2 contributions.
ETH surpassed BTC by 460% in number of transactions
That’s pretty much the summary on transactions. The totals in transactions so far are:
BTC: 17,146,792
ETH: 61,654,763
This is expected as there are way more things happening in the ETH chain, such as tokens, digital collectibles etc. An overview of the data is below:
Sending BTC has been ~3.5x cheaper than sending ETH
The average fees per transaction are:
BTC: $1.28
ETH: $4.47
I’ve divided the amount of fees paid in a day by the number of transactions in that day for BTC. ETH’s data already comes in averages. Charts are below:
TL;DR
Since 1st Jan 2023, Bitcoin’s blockchain settled 17,146,792 transactions at an average cost of $1.28 per transaction. Ethereum’s blockchain (L1) settled 61,654,763 transactions at an average cost of $4.47 per transaction.
Values are expected since ETH’s blockchains have plenty of stuff happening at the same time.
submitted by /u/reddito321
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