On-chain activity on both Bitcoin (BTC) and Ethereum (ETH) continues to grow as blockchain casinos and decentralized applications (dApps) attract a larger number of users. Users can pay for casino games using Bitcoin, which increases BTC on-chain transactions, while decentralized apps and games running on top of Ethereum push gas prices higher.
Bitcoin and Ethereum On-Chain Activity Grows
It is clear that Bitcoin on-chain activity continues to grow thanks to the influence of Bitcoin Poker Sites and other casino games. Users and clients can pay for their poker session using Bitcoin (BTC), which can lead to a larger number of transactions on-chain.
As we can see in the image, the number of BTC transactions continue to expand. This can be related to a larger number of users performing BTC transactions to play poker and other casino games. Moreover, as the interest for Bitcoin grows, users can also start using their digital assets to pay for other goods and services as well.
Ethereum is showing higher gas prices and user activity as well. The transactions on the Ethereum network are also getting closer to all-time highs. As reported by BitInfoCharts, ETH on-chain transfers are already above 1 million on a daily basis.
One of the main reasons behind this increase in the number of transfers is related to decentralized applications that are running on top of Ethereum. Some of these dApps include financial solutions (also known as DeFi) and traditional on-chain games.
There are casino and other gambling games running on top of Ethereum and other blockchain networks in the market.
When Ethereum was considered in the past to be a cheap and very efficient cryptocurrency to use, nowadays it is showing some bottlenecks with increased activity. The ETH community acknowledged that and it is currently working in order to solve this issue. Now, Ethereum gas fees seem to be falling as congestion gets reduced.
Bitcoin and Ethereum are showing to be great digital assets with clear use cases. The market realizes that and this has had an impact on prices. Bitcoin is now being traded close to $12,000 while Ethereum is already above $400 in many exchanges.
The larger the demand for these digital currencies, the larger the companies such as online casino and other sites that would be ready to accept them as a means of payment. Moreover, the higher their price, the larger the value they can move with fewer coins.