With the overall increasing price trails of majority crypto assets, the overall market is experiencing a positive growth. However, in such a time, certain assets are found to be more active over the king of cryptocurrencies- Bitcoin.
According to recent data from IntoTheBlock, an on-chain intelligence platform, not all blockchains have similar functions when it comes to daily transactions. The platform compares the transaction data across two largest cryptocurrencies by market capitalisation and some altcoins. Namely, the platform compares statistics for Bitcoin, Ethereum, Algorand, Avalanche, Litecoin, and Dogecoin.
As highlighted by IntotheBlock, the transaction count on a seven day moving average, is highest in case of Ethereum close to almost double that of Bitcoin. While the Bitcoin has recorded over 507,500 transactions over the past 30 days, Ethereum has yielded a remarkable 944,500 transactions.
Notably, the transaction count for Ethereum suggests that the investors have been significantly active on the network. Apart from the transaction count, several other metrics have also shown increasingly positive results for Ethereum over Bitcoin.
As analysed by Todayq News in its recent report, the Ethereum to Bitcoin ratio has recently plummeted to year-to-date lows, standing at 0.061. Notably, this ratio compares the price of Ethereum to that of Bitcoin, is attracting significant attention within the cryptocurrency community.
The ratio being largely in favour of Ethereum isn’t something new and there have been historical evidences to it. Additionally, in the past weeks, investors looked up to Ethereum enthusiastically as the number of non-zero addresses reached an all-time high value.
The rising interest in the asset was partially also fuelled post the Shanghai network upgrade. Following the upgrade, the Ethereum staking has remarkably increased pushing it to ATH values amid the record level deposits.
Surprisingly, Ethereum isn’t the only one to outperform Bitcoin as the levels of Algorand are also higher than that of Bitcoin. Additionally, while Dogecoin has been gaining eventual popularity, the transaction count has been the lowest.
However, even though some cryptocurrencies outperformed Bitcoin, the asset continues to ignite hope and optimism among investors. In the past weeks, the asset has recorded positive accumulation, increasing exchange outflows, and similar trend reflected in the price levels yielding significant profits to majority.
On the other hand, while Ethereum transaction count is much higher, the price levels haven’t been in the same motion. As of writing, Bitcoin is trading at $30,392.80, about a 17% increase over the month whereas Ethereum is trading at $1,872.85, a 7.66% increase over the past 30 days.