InstaForex

July 7, 2021

More Solid! Ethereum (ETH) Creates Bitcoin (BTC) Record

 CEO of crypto lending platform, Celsius Network, Alex Mashinsky revealed Ethereum (ETH) has outperformed Bitcoin (BTC) based on the record amount of US dollars invested by its users against the asset.


It is understood Celsius Network saw the inflow of deposits of around $ 17 billion, making the main coin that has the highest dollar amount is Ethereum no longer Bitcoin.


Mashinsky is also optimistic this trend will continue until ETH surpasses the Bitcoin market value by 2022 or 2023:


"This is the first time our users have a higher number of Ethereum than Bitcoin. I think this will affect a wider market in the next year or two. ”


At the same time Mashinsky also emphasizes the relevance of the factors behind these changes possibly due to different use cases for BTC and ETH.


For example, BTC, it is known as a store of value. While Ethereum is more synonymous with yield farming.



It’s not impossible for Mashinsky’s prediction to become a reality as the record number of daily active addresses on Ethereum has also for the first time surpassed Bitcoin.


According to Forbes, Ethereum has registered over 750,000 active addresses as of Friday last week, about 50,000 higher than Bitcoin.


At the same time, a Bitinfocharts report shows the number of active addresses in Bitcoin has declined 38% over the past three months when the price of the asset collapsed.


Indirectly this also means good news for the altcoins market.


🥳 On a day that saw history be made with #Ethereum surpassing #Bitcoin in daily active addresses for the first time, #altcoins came to play. $ KSM, $ COMP, and $ ZIL were among many projects to make an imprint on the markets, while $ BTC ranged around $ 34.5k. https://t.co/cwjGvrLLeX pic.twitter.com/3AFQ0MHbcT


- Santiment (@santimentfeed) June 29, 2021