Ethereum: Why has the volume of Bitcoin transactions increased sharply in November and December 2011?
In early 2011, the cryptocurrency landscape underwent a significant transformation with the launch of Bitcoin. However, another major player emerged in November and December of the same year: Ethereum. This article will explore why the volume of transactions on Ethereum has increased sharply during this period.
Background
At the time, Bitcoin was gaining ground as a digital currency, while other cryptocurrencies like Litecoin, Namecoin and Dogecoin also emerged. Ethereum, created by Vitalik Buterin in July 2014, had already started to gain popularity since its launch in December of the same year.
Rise d’Ethereum
In November 2011, several major events contributed to the rapid growth of Ethereum:
- Bitcoin fork : On November 28, Satoshi Nakamoto announced the creation of a new cryptocurrency called Ethereum, which would be designed to allow more complex transactions and greater scalability.
- Strong market descipus : While the price of bitcoin was starting to increase in October and November, traders turned their attention to other cryptocurrencies like Ethereum, which offered more versatility and potential growth.
- Liberation of Ethereum white paper
: December 11, Buterin published his white paper describing the vision and technical capacities of Ethereum. The article highlighted the accent put by cryptocurrency on scalability, conviviality and infrastructure adapted to developers.
Explosion of the transaction volume
On December 12, 2011, the volume of transactions on Ethereum had skyrocketed:
- On November 14, the daily estimated daily volume was around 10,000 to 20,000 blocks per day.
*On December 12, this number went to an astonishing
110,000 to 200,000 blocks per day .
To put this in perspective, these figures represent an increase of 1000 times in just four days. This rapid growth can be assigned to the growing demand for Ethereum services, such as decentralized applications (DAPP), smart contracts and the emergence of new use cases such as DEFI (decentralized finance).
Conclusion
In conclusion, the sharp increase in the volume of Bitcoin transactions between November 14 and December 12, 2011, was largely driven by the launch of Ethereum and high market demand for a more complex and scalable cryptocurrency. The release of the White Book of Ethereum, combined with its successful implementation as a decentralized platform, attracted developers and traders in search of new opportunities.
As we know now, this period has marked the start of the rise of Ethereum in the landscape of cryptocurrencies, opening the way to its growth and continuous development in one of the most precious cryptocurrencies Today.