Latest Longhash Report Reveals Ethereum Outperforming Bitcoin in the Return on Investment Metric
- Ethereum has been having quite a year for itself — with the premier altcoin currently resting around the $235 region after having hit a relative low of $86 just 6 months back.
- Statistical data shows that ETHs native GAS consumption has been on the rise this year, thereby signifying an increase in the development of new DApps and smart contracts on the platform.
As many of our readers are probably well aware of, BTC has been on a bit of a tear over the past few months, with the flagship asset currently hovering above the $8k mark. However, in the same breath, we should also point out that Ethereum too has been experiencing a revival of sorts recently.
As per data available on Etherscan, the total number of tx’s (transactions) taking place on the Ether blockchain surged to their annual high of 908,208 (on May 16, 2019). To be even more specific, we can see that these figures have not been matched since the 4th of May, 2018.
In addition to all this, it is also worth pointing out that Ether’s 2018 peak was an anomaly of sorts — as is clearly demonstrated from the chart presented above.
However, this year’s figures seem to be much more sustainable and have been hovering around the 700-800K region since late-February.
Smart Contracts and DApps on the Rise as Well
In addition to Ether’s daily tx volume surging quite exponentially over the past few months, we also need to highlight the fact that the GAS usage associated with the currency’s ecosystem has also increased quite substantially. For those of our readers who might not be aware, the Ethereum blockchain is “geared towards the development of DApps and Smart Contracts” — activities that consume a lot of GAS.
To put things into perspective, we can see that the GAS consumption associated with the ETH network exceeded the 50 Billion mark earlier this month. This number is nearly 130% higher than what it was just a couple of months back.
Last but not least, some of the data available online shows us that the average Gas consumed by ETH developers over the last 2 months has exceeded its monthly average by a huge margin. It now remains to be seen what the future has in store for this burgeoning market.