Despite experiencing a decline in price over the past month, Ethereum (ETH) has outperformed Bitcoin (BTC) and other major altcoins during that period, indicating significant resilience in the asset as the broader crypto market navigates a correction phase.
One of the factors that particularly contributed to Ethereum’s outperformance is the robust resurgence in growth on the blockchain network.
Notably, ETH price gained 4.9% against BTC over the past month as the number of Ethereum addresses surged to 450,000 at the end of July, marking the highest level in the past two years, Santiment data showed on August 1. The network added more than 80,000 new addresses at the end of the month, data revealed.
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“Ethereum’s market price has gained +4.9% against Bitcoin over the past month, and rebounding network growth has had a lot to do with this. As July closes, ETH is showing utility numbers more consistent with May and its then price dominance vs. BTC.”
– Santiment wrote in a Twitter post.
Ethereum price analysis
At press time on August 2, Ethereum was trading at $1,857, up 1.27% in the past 24 hours.
Over the past week, the second-largest crypto asset gained less than 1%. Meanwhile, on the monthly chart, ETH is down by 3.16%, losing around $13 billion in market cap over that period.
Although Ethereum bettered Bitcoin in terms of monthly gains, its year-to-date (YTD) performance still remains notable compared to the leading cryptocurrency.
Notably, ETH climbed around 55% since the start of the year, while BTC gained roughly 77%. The largest crypto coin also outperformed Apple’s stock (NASDAQ: AAPL) and the Nasdaq stock market index on a YTD basis, which advanced by 51% and 43% over that period.
In the meantime, as Ethereum aims to reclaim the key $1,900 level, Finbold analyzed insights from the popular prediction algorithm on PricePredictions.com to evaluate the asset’s potential value by the end of August.
According to the tool’s estimates, ETH is expected to trade at $1,785 at the end of the month, indicating a possible downside of more than 3.8% compared to the current price.
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