Wit Olszweski – Shutterstock / Wit Olszweski / Shutterstock / Wit Olszweski
According to data released by analytics firm Santiment, Ethereum address activity has topped Bitcoin for the first time in history.
Since then, Ethereum’s native token has gained more than 6%, securing its position above $2,100.
Ethereum supporters have speculated all year that Ethreum might replace Bitcoin as the world’s largest cryptocurrency by market capitalization. Ethereum had outpaced Bitcoin in terms of price performance but not much else before to June 28th. However, Ethereum has now made history by exceeding Bitcoin in terms of address activity. According to our data, Ethereum’s native token ETH has responded with a more than 5% increase, extending its position beyond $2,000 after soaring above $2,100.
Bitcoin address activity has been declining in recent weeks, with values currently hovering around $30K to $35K. Despite the fact that ETH has suffered in recent months, its performance has been linked to BTC. As the network prepares for the London upgrade, market experts predict that the altcoin will break out after the EIP-1559 implementation. According to CNF, the project was finally released on the Ropsten testnet, resulting in Ethereum burning over 88,000 Ether worth over $174 million.
Continue reading: Finally, it’s here: With the debut of Ethereum’s London upgrade, $174 million has already been burned in a single day.
According to Santiment’s data, there was a significant jump in activity, causing the Ethereum blockchain network to overtake Bitcoin for the 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.
Jim Cramer of CNBC is a supporter of Ethereum.
For the past few months, there has been a surge in interest in Ethereum. Institutional demand for Ethereum is only second to Bitcoin’s. Market analysts have also expressed an increasing interest in the token, believing that it still has a long way to go.
CNBC’s Jim Cramer, who previously stated that he had sold all of his Bitcoin, just revealed that he had switched to Ethereum in a recent interview. Despite Bitcoin’s holding of the $30K level, which was necessary for the asset to stay afloat, Cramer likened Etherum to Bitcoin because “people actually use it considerably more to be able to buy goods.”
However, not everyone is optimistic. According to CoinShares’ “Digital Asset Fund Flows Weekly” report, Ethereum investment products saw a record $50 million outflow. This indicates that financial institutions are wary of Ethereum’s future move.
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