As the crypto markets recovered over the course of the last two days, Ethereum wallet transactions have crossed Bitcoin for the first time. On Monday, the Ethereum address activity crossed the Bitcoin address activity. This is a sign of strength as the number of Ethereum users are now the same or even more than that of BTC. The data showed about 651,560 Ethereum wallets vs 597,280 Bitcoin wallets when this happened.
The data is not consistent
While this is quite an achievement for Ethereum, we should also know that the data is not consistent. The former data that Santiment provided is contradicted by Glassnode’s report that saw that Bitcoin’s active addresses were still more than Ethereum. The difference between the active BTC address data between Santiment and Glassnode is 190,000. Seeing a huge difference, we can be sure either one of them is in the wrong here, but it’s difficult to say who.
What to expect?
Ethereum has always been expected to cross Bitcoin in terms of value and usage sometime in the future. The growing number of users, considering the data from Santiment is right, is exactly what Ethereum needed. If it can surpass Bitcoin in the number of active users, it won’t be that difficult to cross the BTC market cap. When ETH reached $4000, it was already very close to BTC’s market value. And presently, the price ETH is at $2,100, which I believe is highly undervalued. So, once the market starts fast recovery, I think ETH would fly higher than BTC.
What are your thoughts on Ethereum wallet transactions that cross that of Bitcoin’s? And do you think this is the start of Bitcoin losing its top position? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.