Ethereum’s showdown with Bitcoin continues as network activity runs on par with king coin

  • 12 July 2019, Friday, 12:10

Bitcoin’s performance against other altcoins has been a much-discussed topic in the cryptocurrency industry, with the world’s largest digital asset giving a tough competition to rest of the market. Ethereum, the largest altcoin co-created by Vitalik Buterin, has been one of the few coins holding its own against Bitcoin, with several parameters equaling or even bettering Bitcoin.

In a recent analysis, it was discovered that Bitcoin’s and Ethereum’s network activities have been running on par this year. At the moment, Bitcoin and Ethereum both have GitHub repositories around the 12,500 mark. The reason why this figure stands out is that over the past couple of years, Bitcoin had an unassailable lead, save for 2018. In 2018, Ethereum had the lead with the repository numbers clocking in at around 12,000, while Bitcoin’s repository count hovered at around 11,000.

Ethereum’s market share in the cryptocurrency industry has also been a respectable amount. In 2018, the market share held by ETH was 53 percent, compared to that of Bitcoin. Currently, ETH has an even 50 percent market share against Bitcoin. Some users in the community had their own opinions about comparing Ethereum and Bitcoin, with @IslandHunting, a cryptocurrency enthusiast, tweeting,

“I think this metric has a huge number of problems with it. I don’t know the best metric to use, but attendance at developer conferences and hackathons is better than most. Someone fill me in about BTC dev conferences, how big are they, do they sell out in seconds like Devcon?”

Ethereum’s increasing presence in the world of digital assets was also evidenced by the latest news from the oil and gas behemoth, Shell. The organization recently invested in a New York-based startup that uses a modified version of the Ethereum blockchain. The startup, LO3, takes advantage of a special derivative of Ethereum to help users buy and sell locally produced energy in an effort to curb pollution.

Ben Conte, LO3 Director, had said,

“We are building a custom blockchain combining the best of what existing blockchain communities have already accomplished.”