After the approval of the Ethereum ETF the progressive increase of the price action has been favored with respect to Bitcoin, even in recent days the Ethereum price action is strengthening in its ETH and BTC pair which somehow has been catching the attention of investors.
As we will recall, “ETH started the year strong, but began to decline in mid-March. However, the altcoin began to gain momentum in mid-May in anticipation of the approval of spot Ether exchange-traded funds (ETFs) in the United States.”
The truth is, “Although ETH has trailed Bitcoin since Jan. 1, it has outperformed the flagship cryptocurrency since spot Ether ETFs received official approval from the Securities and Exchange Commission on May 23”
It has been stated that, “Ether has risen 23% in the last 10 days, outperforming Bitcoin and other layer 1 tokens. The price of BTC is up only 2% in the last 30 days, while other large-cap layer 1 tokens, such as BNB (BNB) from BNB Chain and SOL (SOL) from Solana, are up 3.35% and 1%, respectively, in the same period.”
One favorable data point is that, “Ethereum's network activity and scalability solutions contribute to its performance. DappRadar data shows a 7.75% increase in transaction volume among Ethereum's top decentralized applications (DApps) in the past week, driven by declines in Uniswap, Eigenlayer, MetaMask and Banana Gun.”
SOURCES CONSULTED
Cointelegraph. 3 reasons why Ethereum price remains strong against Bitcoin. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
