WETH and Ethereum had traditionally trailed Bitcoin as the alpha blockchain network, but in the last couple of weeks, the altcoins have successfully gone over Bitcoin. Currently, WETH and Ethereum have pulled away from the gains of the main cryptocurrency- as they are trying to create their own identity. The transaction value of these altcoins daily has gone over $13 billion in the last month. On the other hand, the transaction value of Bitcoin in the last month has been $9 billion. And this has also been compiled from data that was collected through CoinMetrics and Money Movers.
WETH And Ethereum Have Been Catapulted Beyond Bitcoin’s Gains
Wrapped Ethereum or Wrapped Ethereum has allowed the worth of ETH tokens which would be traded using other tokens of ERC-20- which are usually built on the protocol of Ethereum. The tokens from Ether came in before the standard of ERC-20 was introduced- hence this altcoin was developed simply as a way which would use the ETH tokens to create a flourishing network. Interestingly, the transaction value of both ETH or WETH is completely identical- essentially because the Ethereum methods used are similar. Both the altcoins use the same Ethereum modes to send a value over a specific geopolitical location.
The gap between WETH and Bitcoin will steadily get larger because the networks add their transactional value through dollar-pegged stablecoins. The denominated value would have 80% more USD- the largest amount transferred when compared to any other cryptocurrency in the last month.
Altcoins such as WETH and Ethereum is simply a symbol of a blockchain that would be able to process larger transactions without using any intermediary in the form of a centralized financial sector. This network is capable enough of leveraging the basic strength of ERC-20 tokens, as well as stablecoins which are dollar-pegged.
