In recent months, the total volume of daily movements of Bitcoin Cash (BCH) transactions has surpassed that of Ethereum (ETH).
The overtaking took place in April of 2019, and since then the volume of BCH sent in dollars has been higher than that of ETH almost every day. Actually, from mid-May to mid-July, it was much higher, with peaks of almost ten times higher.
The reason for this is that the average value of an ETH transaction is low, well below 1,000 dollars, while the average value of a BCH transaction is very high, several tens of thousands of dollars.
It’s worth noting that, in terms of the average value of transactions, until June BCH also exceeded bitcoin, however, as of July BTC has regained first place in this particular ranking.
These data are retrieved directly from the public blockchains of these cryptocurrencies, so they are very broad but reliable.
Moreover, when comparing the volumes of the BCH blockchain with those of other cryptocurrencies, it is evident that only bitcoin registers higher volumes since, for instance, XRP and LTC are left behind.
Besides the high BCH values, the other surprising values are those of ETH, which are very low as far as the average volume of individual transactions is concerned. This difference, which is significant compared to BTC and BCH, suggests that ETH has fundamentally very different uses than Bitcoin or Bitcoin Cash, which could be the result of the frequent use of ETH on dApps, involving many small transactions.
On the other hand, BTC and BCH are probably more used to make payments for purchases of goods, with transactions that can well exceed ten thousand dollars, although the very high average volume of the individual transaction suggests a very different prevalent use.
It is thus possible to hypothesise that, as far as the most important cryptocurrencies in circulation are concerned, all may already have different uses compared to the others, making them complementary rather than alternatives.