Tron (TRX) has exceeded the second-largest blockchain, Ethereum in a key metric. This milestone comes despite the recent approval by the U.S. Securities and Exchange Commission (SEC) for eight spot Ethereum ETF products to rsume trading.
The Impact of USDT on Tron’s Dominance
Notably, Tron triumphed in total transaction number, recording 8.1 billion as against Ethereum’s 2.1 billion.
This shows a massive 230.6% difference and an indication of the rapid expansion of Tron’s utility. As per Lookonchain, a data analytics platform, within a 24 hour period, Tron’s total transaction stood at 6,418,432 transfers. Meanwhile, the network has recorded an overall transfer volume of $13,037,631,786,884 mark, having risen by $16,232,152,495 within the same timeframe.
Although the data analytics platform did not provide comparative statistics for Ethereum, the indices for Tron are notable.
Analysts believe that the recent performance of TRX over ETH is partly attributable to the USDT stablecoin which exists on several blockchains including Tron and Ethereum. Additionally, the transaction fees for transferring USDT-Tron is significantly lesser than for the same USDT on the Ethereum blockchain.
This price differential prompts many users to pick Tron over Ethereum. In a recent data release, USDT-Tron even surpassed Visa, the card payments giant in terms of daily trading volume. Tron posted $53 billion as against Visa’s $42 billion.
Ethereum’s ETF Success and Market Sentiment
Despite Tron’s success in transaction volume, according to data published by James Seyffart, Bloomberg’s analyst, the first day of spot Ethereum ETF witnessed significant success. Spot Ethereum ETF trading volume crossed the billion dollar mark as total inflow amounted to $1.112 billion. Of this amount, BlackRock’s ETHA ETF recorded the biggest inflow, raking in $266.5 million.
Bitwise ETF ETHW amassed $204 million. An analysis of the broader cryptocurrency figures show that Ethereum’s exchange rate surpassed Bitcoin’s by 3.4%. The notable difference has been attributed to market sentiment associated with the spot Ethereum ETF trading launch.
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