Bitcoin

Ethereum

Despite experiencing a decline in price over the past month, Ethereum (<a href="https://finbold.com/cryptocurrency/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) has outperformed Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) and other major altcoins during that period, indicating significant resilience in the asset as the broader <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">crypto market</a> navigates a correction phase.One of the factors that particularly contributed to Ethereum’s outperformance is the robust resurgence in growth on the <a href="https://finbold.com/topic/blockchain/" rel="noopener noreferrer nofollow">blockchain</a> 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, <a href="https://finbold.com/guide/best-crypto-data-websites/#h-santiment" rel="noopener noreferrer nofollow">Santiment</a> data <a href="https://twitter.com/santimentfeed/status/1686176909229780992?s&#61;20" rel="noopener noreferrer nofollow">showed</a> on August 1. The network added more than 80,000 new addresses at the end of the month, data revealed.<blockquote>– Santiment wrote in a Twitter post.“Ethereum’s market price has gained &#43;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.”</blockquote><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/165900abda67466cbd395b0ef3538087.jpg" />Ethereum’s recent network growth. Source: Santiment<h2 id="header-0">Ethereum price analysis</h2>At press time on August 2, Ethereum was <a href="https://finbold.com/guide/cryptocurrency-trading/" rel="noopener noreferrer nofollow">trading</a> 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.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/278618e115684b6d99dd3111a7bb7bd7.jpg" />ETH 1-month price chart. Source: FinboldAlthough Ethereum bettered Bitcoin in terms of monthly gains, its year-to-date (YTD) performance still remains notable compared to the leading <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a>.Notably, ETH climbed around 55% since the start of the year, while BTC gained roughly 77%. The largest crypto coin also <a href="https://twitter.com/ecoinometrics/status/1686409980940075008?s&#61;20" rel="noopener noreferrer nofollow">outperformed</a> Apple’s stock (NASDAQ: <a href="https://finbold.com/stock/apple-aapl/" rel="noopener noreferrer nofollow">AAPL</a>) 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 <a href="https://finbold.com/machine-learning-algorithm-sets-ethereum-price-for-end-of-august-2023/" rel="noopener noreferrer nofollow">expected</a> 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.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Ethereum outperforming Bitcoin as network growth hits 2-week high

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