“Will Ethereum surpass Bitcoin?” – this is the question we asked in one of our articles. It’s worth taking a look at, as we’re just experiencing a landmark event on the ETH/BTC pair for the first time. The number of active Ethereum addresses has exceeded the number on Bitcoin. Such a situation has not happened before.
Ethereum vs. Bitcoin – continued
This information was shared on June 28 by Santiment, a platform used to analyze blockchain movements.
Link to source: https://bit.ly/3wfYEo6
From the graphic posted on Twitter, we can read that while Ethereum once again broke the $2,100 barrier it recorded 649,000 active addresses. At the same time Bitcoin recorded around 580,000 of them.
There are reasons here to believe that the price volatility, as well as the continuation of the increase in the number of active Ethereum addresses, may continue for a longer time. All thanks to the upcoming hard fork of the network that will take place around mid-July. It will also lead to the implementation of the EIP-1559 protocol, which will significantly affect the functioning of the second largest cryptocurrency. More on this topic we wrote in the article under the title: “What EIP-1559 means for Ether“.
Speaking of the unwritten rivalry between Ethereum and Bitcoin, it is worth taking a look at the current market capitalization of both projects. As of the writing of this article, the total market value of ETH is $243 billion, while the market value of BTC is $623 billion. It accounts for 39% of the crypto king’s capitalization. It is also worth noting the dominance of both projects, with BTC grabbing about 46% of the market for itself and ETH oscillating around 18%. However, the coming days are very important for Ethereum, so we will keep a close eye on the above indicators. A lot can be read from them in the context of further competition on the ETH/BTC pair.
ETH/BTC from a technical point of view
Speaking of the ETH/BTC pair, it is worth taking a look at the situation on the chart of the ratio of the two coins, and what may happen if ETH continues to gain strength.
As you can see, Ethereum successfully defended the 0.055 BTC level, noting a rebound right in this region. Just below is the historical support point (blue horizontal line), to which again ETH reacted positively. We also observe here the uptrend line (yellow line), which is formed from the combination of the September 2019 and August 2020 peaks. This trend also served as support. The resistance that ETH against BTC may encounter is the downtrend formed from the combination of the peaks of May 15 and June 8 this year (pink line). Once it breaks out, the next key area is the zone between 0.0824 BTC and 0.0860 BTC, marked with a gray rectangle on the chart. The latter (gray horizontal line) also represents historical resistance, key to breakout in the context of further increases.
