Ethereum Address Activity Eclipses Bitcoin for the First Time
Ethereum supporters have speculated all year that Ethereum may replace Bitcoin as the world’s biggest cryptocurrency by market capitalization. Ethereum has surpassed Bitcoin in terms of price gains a few months back.
However, Ethereum has now made history by overtaking Bitcoin in terms of address usage. As per the latest data, Ethereum’s native crypto ETH has gained over 1.2% in the past 24 hours to trade at $2,139.
Bitcoin address activity has been declining in recent weeks, with the crypto now hovering around $30K to $35K. Despite the fact that ETH has suffered in recent times, its success has been linked to BTC.
As the network braces for the London upgrade, market experts predict a breakout of the altcoin following the EIP-1559 deployment. The project was ultimately deployed on the Ropsten testnet, resulting in Ethereum burning over 88,000 Ether worth over $174 million.
There was a substantial spike in activities, as per Santiment’s data, enabling the Ethereum blockchain network to surpass Bitcoin for the very first time in crypto history. This is a strong indication that the second most valuable crypto asset is poised to compete with Bitcoin on all fronts.
For the past several months, there has been a surge in interest in Ethereum. Institutional demand for Ethereum only stands second to that of Bitcoin. Market analysts have also shown an increasing interest in the crypto token, believing that it still has a long road ahead.
CNBC’s Jim Cramer, who previously announced that he had liquidated all of his Bitcoin, disclosed in a recent conversation that he had switched to Ethereum. Even though Bitcoin is holding on to the $30K level, which was necessary for the asset to stay afloat, Cramer likened Etherum to Bitcoin as “people really utilize it far more to be able to buy stuff.”
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— Santiment (@santimentfeed) June 28, 2021
Nevertheless, not everyone is optimistic. As per CoinShares’ “Digital Asset Fund Flows Weekly” data, Ethereum investment products saw a record $50 million exodus. This indicates that financial institutions are wary of Ethereum’s future maneuver.
“Bullish. Have to be. There’s too much money coming in,” says @JimCramer. “I went back into #ethereum because #bitcoin held $30K. I like ethereum because people actually use it much more to be able to buy things.” pic.twitter.com/IIAeUL4BNL
— Squawk Box (@SquawkCNBC) June 28, 2021