For the first time in the history of cryptocurrency, bitcoin has surpassed a key trading and trading metric.
A strong price rally on Tuesday saw Ethereum (ether) surpass bitcoin for the number of daily active addresses, according to data collected by crypto analytics firm Santiment.
“Altcoins came into play on the day Ethereum made history, surpassing Bitcoin in daily active addresses for the first time,” the firm said. Explained.
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data from bitinfocharts shows this trend several times in April and May, although the dataset appears less complete.
The increase in daily active addresses comes as Ethereum fees hit their lowest level in six months.
“The average transaction fee on Ethereum has dropped to $2.15, the lowest fee since December 2020,” said Simon Peters, market analyst at online trading platform eToro.
“During May’s crypto bull run, average fees rose to around $70, but all have fallen after a market correction. As the network moves towards a 2.0 upgrade, despite taking years to fully implement “It is possible that fees will drop further. However, along with improving the green credentials of Ethereum, the upgrade will eventually see faster and cheaper mining.”
Ethereum hit an all-time high in mid-May, almost a month after bitcoin’s all-time high. It later experienced a major crash, taking its price above $4,200 below $1,800.
It has since bounced back above $2,100 and is now trading at the same level as in early April. It has remained up more than 800 per cent year-on-year.
Bitcoin’s decline was less severe than Ether’s, but has yet to recover to the same level.
The loss meant the world’s most valuable cryptocurrency suffered the worst second quarter in its history in 2021, halving from its all-time high in April.
Analysts are divided on how the major cryptocurrency will proceed from here.
According to one indicator, bitcoin has entered a major “buying phase” for only the fifth time since 2012. The pull multiple graph, which charts mining profitability, entered the green zone this week for the first time since March 2020.
That example was followed by the biggest market rally in bitcoin’s history, although some fear the peak of the cycle has already been reached.