Ethereum: One more reason to invest in ETH as it outperforms BTC in July
- ETH outperformed BTC in terms of price movement over the last month.
- Addresses continue to accumulate ETH, but interest in Ethereum NFTs falls.
Despite the institutional interest showcased in Bitcoin over the last month, Ethereum[ETH] was the cryptocurrency that gained significantly during this period, compared to the king coin.
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Blue chips blues
According to Santiment’s data, in the past 30 days, Ethereum’s market price increased by 4.9% compared to Bitcoin. And this growth was attributed to Ethereum’s rebounding network growth.
A surge in network growth indicated that new users transferring ETH for the first time has increased. This also meant that the interest in ETH amongst new users was on the rise. And this could help ETH be propelled to new heights going forward.
Another factor that contributed to Ethereum’s price movement was the consistent activity observed on the Ethereum network. Santiment’s data showcased that the daily active addresses on Ethereum continued to grow steadily over the last month.
Additionally, as July came to a close, Ethereum displayed utility numbers that align more closely with those seen in May when its price dominance over Bitcoin was evident.
At press time, ETH was trading at $1833.3. The price of ETH had fallen by 9.89% in the last week, after testing the 2028.3 resistance level. ETH’s price showcased multiple lower lows and lower highs after testing the level, establishing a bearish trend.
ETH sees a price correction
The RSI of Ethereum, which was at 30.54 suggested that the momentum was with the sellers at the time of writing. The CMF also painted a bearish outlook. At press time, it was at -0.12, implying that the money flow favored the bears. Only time will tell whether ETH continues down this trend or will a reversal be in the works.
Realistic or not, here’s ETH’s market cap in BTC’s terms
Despite the falling price of ETH, addresses continued to accumulate the cryptocurrency. Glassnode’s data revealed that the number of Non-Zero Addresses recently achieved an all-time high of 103,716,101 on Ethereum.
However, despite the optimism showcased by holders, other factors such as a decline in NFT interest could affect the growth of the protocol. According to recent data, there was a sharp decline in Ethereum NFT volume observed on the OpenSea marketplace.