- Ethereum address activity has for the first time in history surpassed Bitcoin according to data provided by analytics firm Santiment.
- Ethereum’s native token has since pumped adding more than 6 percent to cement its place above $2,100.
Ethereum fans have throughout the year suggested that Ethreum could overtake Bitcoin to become the largest cryptocurrency by market cap in the world. Prior to the 28th of June, Ethereum had outperformed Bitcoin in terms of price-performance but not much else. But now, Ethereum has set history after surpassing Bitcoin in address activity. Ethereum’s native token ETH has responded with a more than 5 percent jump to extend its position above $2,000 after climbing above $2,100 according to our data.
Bitcoin’s address activity has for the last few weeks been on a decline with prices currently struggling in the $30K to $35K range. Although ETH has also struggled in recent months, its performance has been correlated to BTC. Market pundits have tipped the altcoin to break out after the EIP-1559 implementation as the network prepares for the London upgrade. As CNF reported, the project finally launched on the Ropsten testnet a move that has since seen Ethereum burn over 88,000 Ether worth more than $174 million
Santiment’s data showed that there was a notable spike that led to activity in the Ethereum blockchain network to surpass Bitcoin for the fist time in crypto history. This is a major sign that the second largest crypto asset is ready to take on Bitcoin on all levels.
Following up on yesterday's report on #Ethereum #FUD and the buy opportunity we saw, today has marked a historic day – For the first time in #crypto history, $ETH address activity is ABOVE $BTC address activity, as prices have soared back above $2,100. https://t.co/577N726RLL https://t.co/BSleSWdGID pic.twitter.com/eG5GrpYNBp
— Santiment (@santimentfeed) June 28, 2021
CNBC’s Jim Cramer backs Ethereum
There’s already been an increased interest in Ethereum for the last few months. The demand for Etehreum by institutions has come only second to Bitcoin. There has also been an increased interest in the token from market pundits who believe that the token still has a long way to go.
CNBC’s Jim Cramer who recently revealed that he had sold all his Bitcoin, in a recent interview revealed that he had moved into Ethereum. Despite Bitcoin holding the $30K position which was fundamental for the asset to remain above water, Cramer explained that he now likens Etherum because “people actually use it much more to be able to buy things.”
"Bullish. Have to be. There's too much money coming in," says @JimCramer. "I went back into #ethereum because #bitcoin held $30K. I like ethereum because people actually use it much more to be able to buy things." pic.twitter.com/IIAeUL4BNL
— Squawk Box (@SquawkCNBC) June 28, 2021
However, not all sentiments are bullish. According to the CoinShares‘ “Digital Asset Fund Flows Weekly” report, there was a record $50 million outflow in Ethereum investment products. This suggests that institutions are not all confident about Ethereum’s next move.