The overall activity of addresses (or wallets) on the Ethereum (ETH) blockchain has exceeded that of Bitcoin’s on Monday—for the first time in the history of digital assets, according to crypto metrics firm Santiment.
“Following up on yesterday’s report on #Ethereum #FUD and the buying opportunity we saw, today has marked a historic day – For the first time in #crypto history, $ETH address activity is ABOVE $BTC address activity, as prices have soared back above $2,100,” Santiment tweeted.
Following up on yesterday’s report on #Ethereum #FUD and the buy opportunity we saw, today has marked a historic day – For the first time in #crypto history, $ETH address activity is ABOVE $BTC address activity, as prices have soared back above $2,100. https://t.co/577N726RLL https://t.co/BSleSWdGID pic.twitter.com/eG5GrpYNBp
— Santiment (@santimentfeed) June 28, 2021
The metric in question reflects the total number of active unique addresses that have been conducting transactions over the course of 24 hours. Per Santiment’s chart, roughly 651,560 wallets were involved in various activities on the Ethereum blockchain yesterday—versus Bitcon’s 597,280.
However, while this demonstrates the general activity, it is hard to say how many actual users were involved. That’s because there is virtually no limit to how many addresses a single user or entity could have, so the numbers are not indicative in this regard.
Some beg to differ
Meanwhile, other metric platforms’ data somewhat contradicts Santiment’s report. According to Glassnode, for example, the Ethereum network saw 683,021 active addresses yesterday.
Simultaneously, 787,767 wallets conducted transactions on Bitcoin’s blockchain on June 28—so the numbers are not in favor of Ethereum in this case.
Still, Ethereum has been showing better results than most other cryptos in terms of price appreciation lately. At press time, ETH is trading at around $2,180, up roughly 8% on the day, according to crypto metrics platform CoinGecko.
In its turn, Bitcoin is trading in the ballpark of $35,900, up 4% on the day. In terms of weekly gains, there is relative parity between Ethereum (+14.8%) and Bitcoin (+13.3%), with the former showing slightly better results.
As CryptoSlate reported, the prices of both Bitcoin and Ethereum fell by around 15% this past weekend. At the time, BTC failed to break above the $35,000 level while ETH struggled with the $2,000 mark.
Get an edge on the cryptoasset market
Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.
Like what you see? Subscribe for updates.