The price dominance of the second largest cryptocurrency on the market, Ethereum (ETH), continues to grow in relation to that of Bitcoin (BTC), according to a survey shared by the analysis platform, Santiment, on January 16.

According to the data, Ethereum’s price dominance continues to increase relative to that of Bitcoin and is currently at a one-week high of 22.4%. During this period, 89.4 thousand new addresses were created on the Ethereum network per day and 96.3 thousand wallets were created on January 15, the survey showed.

“Additionally, the supply of the second largest market capitalization asset on exchanges is getting close to reaching its All Time Low (since the opening week of trading) of 8.05%. The move to self-custody and staking implies less risk of an imminent liquidation, as opposed to a more worrying increase in supply on exchanges,” he said.

At the time of publication, the price of Ethereum was quoted at US$2,564.18, up 2.3% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$11,972,206,806. While Ethereum has increased its price by 8% in the last seven days, Bitcoin has seen a 5.2% retracement in the same period.

Uptrend: Ethereum Cryptocurrency Will Rise, Indicators Show

Recently, the cryptocurrency community witnessed a significant milestone in the market: Ethereum, the second largest cryptocurrency in the world, overcame an important psychological barrier. After a 16% increase in just two weeks, the value of Ethereum has surpassed the $2,600 mark, a feat not seen since May 2021. This move not only demonstrates the strength of Ethereum compared to Bitcoin, but it also signals strong momentum for the currency’s future.

Surpassing US$2,700 triggered a series of technical buy signals, increasing optimism among investors. This wave of enthusiasm reinforces the possibility that Ethereum will rise to the coveted $3,000 mark soon.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.


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