Gap between Bitcoin and Ethereum transaction volumes narrows as stablecoin demand soars 

A cryptocurrency’s transaction volume refers to the dollar value of coins flowing through the network on a daily basis. Although imperfect in that it is uniquely susceptible to wash transactions, transaction volume nevertheless provides analysts with a sense as to the extent of economic activity supported by a particular network. A rather uncontroversial rule of thumb, the higher the transaction volume, the more utility a network is provisioning, and, arguably, the higher its fundamental value. 

Methodology historically used to compare transaction volume across the cryptocurrency market is arguably incomplete: analysts tend to look at base layer asset volume rather than aggregating volume across all the assets that are supported by the network. By example, Bitcoin’s 30-Day Simple Moving Average (30D SMA) daily transaction volume totals $3.04 billion, 6.51 times larger than Ethereum’s $467 million.