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According to Recent Data; Ethereum Outperforms Bitcoin

  • Ethereum, showing significant resistance in the asset while the broader crypto market is going through a correction period, leaving behind Bitcoin and other major altcoins.
  • The number of Ethereum addresses reached its highest level in the past two years, reaching 450,000 by the end of July, and the ETH price increased by 4.9% against BTC in the last month.
  • As of August 2nd, Ethereum is trading at $1,858 with a 1.45% increase in the last 24 hours. Last week, the second-largest crypto asset gained less than 1%.

Ethereum (ETH) has shown resistance and strong growth on the network, surpassing Bitcoin (BTC) and other major altcoins in recent times.

Ethereum is Progressing Better Than Bitcoin

bitcoin-ethereum

Ethereum, which experienced a price decrease in the last month, has shown significant resistance in the asset while the broader crypto market is going through a correction period, leaving behind Bitcoin and other major altcoins.

One of the factors behind Ethereum’s performance is the strong growth on the blockchain network.

In particular, according to Santiment data, the number of Ethereum addresses reached its highest level in the past two years, reaching 450,000 by the end of July, and the ETH price increased by 4.9% against BTC in the last month. The network added more than 80,000 new addresses by the end of the month. In connection with this, the analytics firm stated the following;

“Ethereum’s market price increased by 4.9% against Bitcoin in the last month, and the recovering network growth played an important role in this. At the end of July, ETH shows a more consistent usage with May, where it had price superiority over BTC.”

ethereum-vs-bitcoin

What is the current situation of Ethereum price?

As of August 2nd, Ethereum is trading at $1,858 with a 1.45% increase in the last 24 hours. Last week, the second-largest crypto asset gained less than 1%. On the other hand, on the monthly chart, ETH lost more than $10 billion in market value with a 5% decrease.

Although Ethereum has improved in terms of monthly gains compared to Bitcoin, its performance from the beginning of the year (YTD) still remains significantly notable compared to the leading cryptocurrency. In particular, while ETH has increased by about 55% since the beginning of the year, BTC has recorded an increase of approximately 77%. The largest cryptocurrency has also surpassed Apple’s stock and the Nasdaq stock market index on a YTD basis.

ytd-bitcoin-performance

Meanwhile, as Ethereum aims to reclaim the critical $1,900 level, according to the information provided by COINOTAG’s artificial intelligence algorithm to evaluate the potential value of the asset at the end of August, the monthly value of the asset is expected to be $1,785. This indicates a possible decrease of more than 3.8% compared to the current price.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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