Bitcoin and Corona Millionaire stand out as balloons to pay attention to all over the crypto world. When world markets were hit hard during the pandemic, and central banks provided stimulus measures one after another, demand for alternative financing soared.
PrimeBit: Can Negative Rates Drive Bitcoin?
ETH vs BTC analysis
Bitcoin has almost recovered from the major crash on March 12, one day after a Coronavirus pandemic was announced. Since then, BTCUSD has risen to $9130, and gained 93% from its low point this year. In addition, it has increased by about 27% this year to date. However, the rapid rebound was minimal compared to the gains of ETH and other digital currencies.
The second largest crypto, after Bitcoin, by market capitalization, Ethereum, has already recovered the March losses and has increased by approximately 129% since the year’s lowest fall.
ETHUSD is currently trading at around $232 and has gained 81% so far this year. The pair is trading above the 100-day and 200-day SMA, which is a bullish signal. It will have to break the resistance at $245 and reach $250 to start a bullfight.
Thus, when comparing ETH vs BTC, we can see the performance of the currencies during this chaotic year 2020.
PrimeBit: How to trade with Ethereum?
The Ethereum Advantage
The applications of DeFi greatly influence the growing interest in Ethereum. DeFi, short for „decentralized finance“, refers to an open financial system where intelligent contracts are publicly accessible.
Ethereum serves all major DeFi applications, bringing Blockchain’s unique addresses to over 100 million in June. Note that Bitcoin cannot generate the same DeFi as Ethereum does.
The increase in DeFis increases the growing number of unique Ethereum addresses. According to Messari, a cryptanalysis website, the number of active ETH addresses increased by 124% since the beginning of the year. This is huge compared to Bitcoin, which only gained 48% in the number of active BTC wallets.
Therefore, it’s a point for Ethereum in this fight between ETH vs BTC, where the DeFi are a key piece in their game.
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