According to blockchain analyst firm Santiment, Ethereum has experienced a significant surge in price dominance against Bitcoin, marking a remarkable +22.4% increase over the past week. This bullish momentum has been accompanied by a rise in the creation of new ETH addresses, further solidifying its position as a leading cryptocurrency.
📈 #Ethereum‘s price dominance continues to surge against #Bitcoin‘s, now +22.4% in a week. During this stretch, there have been 89.4K new $ETH addresses created per day, and 96.3K wallets just yesterday. Additionally, the 2nd largest market cap asset’s supply on
(Cont) 👇 pic.twitter.com/9nHCl6PJPy
— Santiment (@santimentfeed) January 16, 2024
Over the past week, an astonishing 89.4K new addresses have been created on a daily basis. The surge in user adoption indicates a growing interest in ETH, both as a store of value and as a medium for transactions. Furthermore, the data reveals that just yesterday, a staggering 96.3K new wallets were established, underscoring the increasing popularity and utilization of the second-largest cryptocurrency by market capitalization.
One noteworthy aspect contributing to ETH’s current dominance is the dwindling supply of the cryptocurrency on exchanges. The supply on exchanges is approaching its All-Time Low, standing at 8.05%. This level has not been witnessed since the opening week of ETH trading. The decline in available supply on exchanges suggests a growing trend of movement towards self-custody and staking.
The shift towards self-custody and staking is seen as a positive development for ETH holders. It implies a reduction in the risk of an impending selloff, in stark contrast to a more concerning scenario of rising supply on exchanges.
As more users opt for self-custody and stake their Ethereum, it limits the amount of the cryptocurrency available for trading on exchanges, potentially stabilizing its price and preventing large-scale sell-offs. However, the increasing number of new addresses and the decline in supply on exchanges reflect a growing confidence in ETH’s long-term viability and potential for sustained growth.
Cathie Wood’s Ethereum Enthusiasm
Previously, Cathie Wood, the influential CEO of ARK Invest, is a vocal advocate for cryptocurrencies, particularly Bitcoin and Ethereum. As per the recent interview, Wood’s bullish sentiments on Ethereum stem from its pivotal role in decentralized finance (DeFi) and non-fungible tokens (NFTs), addressing the increasing demand for yield in financial markets.
She underscores the importance of tracking developers in the crypto space, highlighting Ethereum’s vibrant ecosystem and its significant support for diverse applications, including DeFi and NFTs.
Wood’s optimism regarding Ethereum doesn’t overshadow her positive outlook on Bitcoin. She perceives both cryptocurrencies as having a bright future, advocating for investment during volatile times, asserting that it strengthens credibility and investor confidence in these digital assets.
Wood’s optimism about Ethereum rests on its multifaceted role in the evolving digital economy. She sees Ethereum as not just a digital currency but a foundational platform for a new decentralized financial ecosystem, potentially outperforming Bitcoin in the long run. Ethereum’s ongoing shift to “Ethereum 2.0,” aimed at improving scalability and efficiency, further adds to its appeal for developers and investors alike.
The world of cryptocurrency has been abuzz lately with the latest surge in Ethereum’s price dominance over Bitcoin. Ethereum, the second-largest cryptocurrency by market capitalization, has seen a remarkable 22.4% increase in its price compared to Bitcoin. This surge has caught the attention of investors and enthusiasts alike, as it marks a significant shift in the dynamics of the cryptocurrency market. Not only that, but new wallets for Ethereum are skyrocketing, indicating a growing interest in the digital currency. In this article, we will explore this recent surge in Ethereum’s dominance and the implications it holds for the future of cryptocurrency.
Ethereum’s Surge in Price Dominance
In recent weeks, Ethereum has been making headlines with its impressive surge in price dominance over Bitcoin. This surge has been fueled by a number of factors, including increased interest from institutional investors, growing adoption of Ethereum-based decentralized finance (DeFi) applications, and the upcoming Ethereum 2.0 upgrade. As a result, Ethereum’s market capitalization has been steadily climbing, reaching new all-time highs and outpacing Bitcoin in terms of price dominance.
The surge in Ethereum’s price dominance has been a significant development for the cryptocurrency market, as it signals a potential shift in the balance of power between Bitcoin and alternative cryptocurrencies. While Bitcoin has long been the dominant force in the cryptocurrency space, Ethereum’s recent surge in price dominance indicates that it is quickly gaining ground and establishing itself as a formidable contender.
New Wallets Skyrocketing
In addition to Ethereum’s surge in price dominance, the cryptocurrency has also seen a significant increase in the number of new wallets being created. This surge in new wallets is a strong indicator of growing interest and adoption of Ethereum, as more and more people are looking to get involved in the cryptocurrency space.
The surge in new wallets is likely the result of a number of factors, including the increasing utility of Ethereum for decentralized applications, the looming Ethereum 2.0 upgrade, and the overall bullish sentiment surrounding the cryptocurrency market. As new users continue to flock to Ethereum, the cryptocurrency’s ecosystem is expected to grow and evolve, further solidifying its position in the market.
Implications for the Future
The recent surge in Ethereum’s price dominance and the skyrocketing number of new wallets have significant implications for the future of cryptocurrency. As Ethereum continues to gain traction and assert its dominance in the market, it is likely to attract even more attention from investors, developers, and users alike. This growing interest in Ethereum is expected to drive further innovation and development within the cryptocurrency space, potentially leading to new use cases and applications for the technology.
Furthermore, Ethereum’s surge in dominance over Bitcoin could signal a broader shift in the cryptocurrency landscape, as investors and users alike begin to explore alternative cryptocurrencies with unique value propositions. While Bitcoin will likely remain a dominant force in the market, Ethereum’s recent surge in price dominance is a clear indication that the cryptocurrency space is evolving and diversifying.
In conclusion, the recent surge in Ethereum’s price dominance over Bitcoin and the skyrocketing number of new wallets are significant developments for the cryptocurrency market. As Ethereum continues to gain traction and attract interest from investors and users, it is poised to play a leading role in shaping the future of cryptocurrency. With its growing dominance and expanding ecosystem, Ethereum is positioned to drive further innovation and development within the cryptocurrency space, paving the way for a more diverse and dynamic market. As always, investors and users should conduct thorough research and due diligence before getting involved in the cryptocurrency space, but Ethereum’s recent surge is certainly a development worth keeping an eye on.
Looks like Ethereum is really gaining ground against Bitcoin, exciting times for crypto investors
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