Bitcoin vs Ethereum: Will ETH eclipse BTC?
Last week, Bitcoin (BTC) price action was slow. However, it has now broken above the $40,000 level, indicating a potential recovery path. Ethereum (ETH) also suffered significant losses throughout the week but has now managed to neutralize its position.
Saturday, price of bitcoin It remained close to $42,200, up 1% on the day. CoinGlass data. Trading volume in crypto derivatives fell significantly, dropping 55% to $21.50 billion. Despite this, Bitcoin’s total market value remained at $828.78 billion and open interest (OI) for Bitcoin was reported as $17.98 billion. The fact that 24-hour liquidations exceeded $13.37 million indicates selling pressure.
In comparison, Ethereum It was priced near $2,280, with a slight daily increase. While the amount traded decreased by approximately 50% to $8.44 billion, the total market value was $275.03 billion. Ethereum’s OI was $7.79 billion, while liquidations totaled $4.35 million.
BTC vs ETH: Fundamental metrics analysis
IntoTheBlock’s measurements reveal revealing details about the two cryptocurrencies. Bitcoin’s major transaction volume fell 39.08% to $25.93 billion, indicating a decline in high-value transactions. Daily active addresses increased by 7.76% to 979,300, reflecting the increase in user activity. The owner’s balance increased slightly to $581.26 billion. Notably, exchange net flows saw a significant decline of 129.87% and reached minus $71.71 million. Whale participation rate was 2.31%. Currently, 82.45% of Bitcoin holders are ‘in the money’, indicating a positive return on investment.
Large transaction volume for Ethereum also fell by 49.58% to $2.14 billion. Daily active addresses increased by 9.94% to 595,640. The balance of the holder of Ethereum increased to $ 218.04 billion. Exchange net flows fell dramatically by 405.1% to minus $96.24 million. Ethereum whale participation rate was significantly higher at 36.89%, with 71.70% of holders ‘in the money’.
both Bitcoin and Ethereum There is a decline in large trading volumes, which means that trading interest from investors has relatively decreased. Negative exchange network flows for both indicate that users are removing their assets from exchanges.
IntoTheBlock also noted that Bitcoin and Ethereum have seen transaction fees drop by more than 30%, which is attributed to reduced market volatility and less urgent need for transactions among users.
What are analysts betting on?
Crypto analyst Michaël van de Poppe said in a recent post on X: “I personally believe that #Ethereum will outperform #Bitcoin in the coming period, and this has started since the ETF approval.”
Source: Michaël van de Poppe at X
He noted a ‘major weekly bullish divergence’ and critical resistance at 0.06 BTC. Van de Poppe also predicts further consolidation before a potential market uptrend.
So read: Top Crypto Analyst Compares Investment Potential of Bitcoin (BTC) and Ethereum (ETH)
✓ Share:
Shraddha’s professional journey spans more than five years; During this time, he worked as a financial journalist, providing information about the business world, markets and cryptocurrencies. As a reporter, he placed particular emphasis on learning about market interaction with emerging technologies.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
#Bitcoin #Ethereum #ETH #eclipse #BTC