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ETH Already Eclipsed BTC on This Metric: What’s Next?

CryptocurrencyJul 03, 2021 06:00AM ET
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ETH Already Eclipsed BTC on This Metric: What’s Next?

  • Arguments for both Bitcoin and Ethereum have been made as to which asset is a more viable investment for users.
  • For the first time in history, ETH address activity soars above that of BTC.
  • ETH enthusiasts are thrilled and are constantly pushing the narrative that ETH is coming for Bitcoin’s #1 spot.
  • Bitcoin’s latest woes: Going below $30k, Stifel predicts further price correction to $12,000 in coming months.

Ethereum and Bitcoin are the leading cryptocurrencies and that may not change for a long time. Bitcoin is the largest cryptocurrency by market capitalization with a current market capitalization of over $680 billion while Ethereum leads the rest of the pack with a 17.62% market share and a market capitalization of about $248 billion.

Bitcoin has always been ahead of ETH in most metrics as it is the bigger coin. However, in a swift turn of events and for the first time in history, ETH addressed activity that surpassed that of Bitcoin.

ETH Address Activity Flies Higher.

It has been a poor run for cryptocurrencies in recent weeks, seeing Bitcoin prices drop from above $60,000 to around $32,000 and the price of Ethereum crashing from a record $4,382 to below the $2,000 mark.

As ETH bulls press on to achieve a slight market recovery above the $2,000 resistance level, the leading altcoin surpassed Bitcoin in terms of address activity for the first time.

Data collected by the Santiment shows that Bitcoin address activity declined following its price crash. Though ETH experienced a similar dip, the new bullish resistance saw it go up to $2,100 and have a higher address activity than BTC for the first time in history.

According to a post from The Santiment,

"Following up on yesterday's report on #Ethereum #FUD and the buying opportunity we saw, today has marked a historic day – For the first time in #crypto history, $ETH address activity is ABOVE $BTC address activity, as prices have soared back above $2,100"

Bitcoin Woes Continues

Bitcoin had a brilliant first quarter hitting a record high of over $64000 and getting well above $1 trillion in market capitalization.

However, things turned sour in the second quarter following mining restrictions in cities in China and a tweet from Elon Musk concerning the environmental impact Bitcoin has on the environment.

To further complicate things, Barry Bannister and Thomas Carrol analysts at Stifel, an investment bank have predicted that Bitcoin is heading for a further price correction down to $12k in the coming months.

On the Flipside

  • Jack Dorsey’s Square, as well as other investors, are going all-in for the construction of solar mines to boost Bitcoin’s mining power with clean energy.
  • Experts have lauded this move by Square as it will improve the efficiency of Bitcoin without affecting the environment.
  • Bitcoin bulls are still in the game and they are pumping money into the asset coupled with new institutional investments.

What’s Next?

Ethereum has surprised many by making remarkable progress this year. The leading altcoin has outperformed Bitcoin this year with many already speculating that at this pace, it will take Bitcoin’s #1 spot. Ethereum has increased over 230% this year alone against Bitcoin’s 36% growth.

More things are to come for Ethereum as institutional investors and banks are now including the coin in their crypto products.

JP Morgan listed institutional investors as one of the reasons behind ETH dominance this year. Furthermore, the ETH 2.0 upgrade will make the network more scalable leading to a massive price rally.

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ETH Already Eclipsed BTC on This Metric: What’s Next?
 

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