Ethereum (ETH), the world’s second largest crypto-currency price movement failed to impress investors after the most anticipated merger. However, amidst heightened uncertainty in the market, ETH has managed to record a price rally among the major crypto-currencies.
Ethereum surpasses Bitcoin
According to Santiment, Ethereum’s price dominance increased over Bitcoin and other major digital assets in October. Ethereum’s price has managed to rise about 24% in the last 30 days, while other cryptocurrencies are struggling to keep up. The price of bitcoin has seen a 7% recovery over the same period.
📈 #Ethereums price dominance over #Bitcoin and most of #crypto has continued as October is coming to a close. This has come following a spike in new $ETH addresses created. Address activity will likely need to recover for a confident continued rally. https://t.co/4Um6wxFez8 pic.twitter.com/FggrM0u6wU
– Santiment (@santimentfeed) October 30, 2022
A sharp rise in the price of Ethereum can be seen after a spike in ETH addresses created after the merger. On September 15, the number of active addresses on the Ethereum network stood at 619,000, while the network growth was estimated at 64765 at that time.
Meanwhile, other leading cryptocurrencies such as XRP, ADA and Solana have seen a price drop of about 5% in the past 30 days.
Ethereum is trading at an average price of $1,629, at press time. ETH’s price has risen another 3% in the past 24 hours. Its 24-hour trading volume rose 2% to $20.1 billion.
Can ETH sustain this rally?
However, after a decent drop, its network growth jumped to the 65637 level on October 30. The number of active addresses on the ETH network is over 408,000. The scents suggest that address activity will probably have to pick up from here if the token is to continue a strong recovery.
On the other hand, Bitcoin’s exchange offering was hit with a four-month low of 8.48%, the crypto analysis firm suggests. Small to medium-sized BTC addresses, which held 0.1 to 10 bitcoins, accounted for nearly 16% of the available token supply. It is calculated that it is at the level of all time high (ATH).
However, the price of bitcoin has risen by 2% in the past 24 hours. BTC is trading at an average price of $20,916, as of press time.
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