Journalist
Posted:
- Ethereum’s numerous use cases may have made it a better project than Bitcoin, according to one market player.
- Regardless, activity on the Bitcoin network surpassed Ethereum.
The debate about which asset is better Ethereum [ETH] And Bitcoin [BTC] took a new turn on September 6. This time it was Dr. Julian Hosp, CEO of CAKE Group, on the side of the second largest blockchain.
Realistic or not, here it is The market cap of ETH in BTC terms
Utility means first place
Responding to a post from Michael Saylor, Hosp said Ethereum does what Bitcoin does, only better. While Bitcoin is admitted to have paved the way for the entire ecosystem, Ethereum’s utility puts it ahead of the others.
…And #ethereum. Whatever btc can do, eth does the same or better. Btc paved the path, it will be remembered for it, but utility is important. https://t.co/Kp144OH1je
— dr. Julian Hosp (@julianhosp) September 6, 2023
When Bitcoin was invented, its main purpose was to serve as a payment gateway without centralized interference. And it managed to achieve that while serving as a tool for remittances and international payments.
Moreover, BTC’s performance over the years has proven that it can be a good asset that can serve as a store of value. Ethereum, on the other hand, has grown beyond its original foundations.
Now the Vitalik Buterin-led project forms the foundation of a growing Decentralized Finance (DeFi) ecosystem, while at the same time use cases in other sectors. This growth and more could be why the digital asset investment head believes Ethereum is better than Bitcoin.
However, this is not the first time ETH and BTC maximums have tried to prove who is better. For a long time, Bitcoin maximalists such as Saylor and Max Keizer have criticized Ethereum, noting that the project could not beat Bitcoin’s market cap.
While Bitcoin’s market cap is still far ahead of Ethereum, it was more holders at the time of writing, despite being four years younger. But even then, Bitcoin remained the project with the highest number of active addresses.
BTC is ahead of ETH here
According to Santiment active addresses on the Bitcoin network from January 2023 until press time reached 18.03 million. Meanwhile, Ethereum had just 5.79 million active users on the blockchain within the same time frame.
Source: Sentiment
For context, active addresses measure the number of unique addresses involved in transactions on a daily basis. An increase in the statistic indicates an increase in audience interaction. A decline, on the other hand, implies that speculation around an asset decreases.
How many Worth 1,10,100 BTC today?
Therefore, the difference in active addresses between both projects meant that transactions on Bitcoin were far superior to those of Ethereum at the time of publication. Regardless of the many opinions on BTC and ETH, the performance of the former 365 days is good outclassed the last.
At the time of writing, the value of BTC is up 33.04% over the past year. Meanwhile, ETH, which traded hands at $1,635, was almost at the same value as a year ago.
Source: Sentiment