Bitcoin had a lackluster August while Ethereum “gas” fees are soaring. In 15 charts, CoinDesk Research’s Monthly Review for August looks at bitcoin (BTC) performance compared to traditional assets, its relationship to the dollar and other fiat currencies, and at Ethereum’s increasing congestion.
Some of the key takeaways:
- Currency movements affect performance: The declining dollar has recently given a boost to the performance of the BTC/USD pair, but in terms of year-to-date returns, BTC denominated in Korean won has fared better while BTC in euros has lagged.
- Ethereum’s congestion issues as evidenced by its soaring gas fees can be largely explained by the growth in use of tokens and applications, shown here in the number of transactions that invoke smart contracts.
- After strong growth in the first half of the year, the number of tether transactions on Ethereum has started to level off, while the number of tether transactions on the Tron blockchain is gathering steam.
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