Ethereum fans have been declaring throughout the year that Ethereum could outperform Bitcoin and become the world’s largest cryptocurrency by market value. Prior to June 28, Ethereum outperformed Bitcoin in terms of cost performance but didn’t do much in other areas. But now Ethereum has made history after address activity surpassed Bitcoin. According to our data, after ETH, Ethereum’s native token climbed above $2,100, it responded with a surge of more than 5% and expanded its position to more than $2,000.
Is Ethereum London Upgrade Preparation Causing the Increase?
Bitcoin address activity has been going down over the past few weeks, and the current price is fighting between $30,000 and $35,000. Though ETH has struggled for the past few months, its performance is related to BTC. As the network prepares for the London upgrade, market experts believe that after the implementation of EIP-1559, altcoins will explode. As CNF reported, the project was finally started on the Ropsten test network, since then Ethereum has burned more than 88,000 ethers worth more than 174 million US dollars
Santiment’s data shows that there was a significant surge that resulted in the activity of the Ethereum blockchain network outperforming Bitcoin for the first time in the history of crypto. This is an important sign that the second largest crypto asset is ready to compete with Bitcoin on all levels.
CNBC’s Jim Cramer Supports Ethereum
In the past few months, people’s interest in Ethereum has increased. Institutional demand for Ethereum ranks second after Bitcoin. Market experts are also becoming more and more interested in tokens and believe that tokens still have a long way to go.
CNBC’s Jim Cramer recently announced that he had sold all of his Bitcoin and announced in a recent interview that he had switched to Ethereum. Although Bitcoin holds a position of $30,000, which is the basis for keeping the asset above the water level, Kramer stated that he is now comparing it to Ethereum because “people are actually using it more to buy things.”
However, not all sentiments are bullish. According to CoinShare’s Digital Asset Fund Flow Weekly Report, there was a record $50 million outflow in Ethereum investment products. This shows that the institutions are not entirely confident in the next step of Ethereum.