Just a few months it appeared as though Facebook’s traffic in the U.S. was coming to a standstill and MySpace was going to remain the dominant social network domestically. Well, the latest statistics from Compete show a different picture. Just a few months ago, Facebook had half the traffic of MySpace in the U.S. Back in March Facebook became the largest global social network.

Not all traffic is equal though as U.S. traffic attracts substantially more advertising revenue which is why Facebook must continue to grow domestically in addition to abroad. For the first time it is clear that Facebook is on track to surpass MySpace in traffic within the United States around the end of the year. Once that takes place Facebook can officially say that they are the leading social network worldwide including the country where it counts most.

Facebook has surpassed 100 million active users and it appears that they are going to continue growing beyond levels previously unreached by any competing social networks. While Alexa data shows that growth has temporarily slowed, Facebook has been doubling every six months. While that growth is bound to slow eventually it is critical for the company to continue their growth domestically as it will help build revenue.

MySpace definitely has a lot to be concerned about as their traffic has continued to decline according to Compete. We’ll have to wait and see how the picture looks a few months from now.