Ethereum (ETH) has regained its dominance over Bitcoin (BTC), according to Glassnode data analyzed by CryptoSlate.
The BTC-ETH dominance metric is an oscillator that tracks macro outperformance trends between the top two crypto assets. We only consider the market cap of Bitcoin against the total market cap of digital currencies.
So, if the metric crosses the pink line, ETH is doing relatively well, and vice versa for BTC’s green line.
A look at the chart showed that Ethereum’s dominance over Bitcoin rose from July 2021 and peaked in July 2022, just months before the merge.
BTC maintained its dominance over ETH throughout 2016, but ETH’s 2017 bull market overtook the main digital asset in market dominance. Bitcoin briefly regained his place in early 2018, but was soon overtaken again by Ethereum.
However, BTC took that position throughout the second half of 2018 and held it until 2021. By July 2021, ETH’s dominance had begun to return, peaking in July 2022, recovering some of the losses caused by the Terra LUNA collapse, and the network gearing up. Migrate to a Proof of Stake network.
Ethereum Surpasses Bitcoin in October
ETH’s price performance outperformed Bitcoin’s in October, according to data from Santiment.
📈 #Ethereumprice advantage #bitcoin and most #Crypt October is coming to an end.This is the new $ETH Your address has been created. It is likely that address activity will need to pick up for a continued, confident rise. https://t.co/4Um6wxFez8 pic.twitter.com/FggrM0u6wU
— Santiment (@santimentfeed) October 30, 2022
Data from CryptoSlate shows that ETH has grown by more than 20% in a month marked primarily by hacks and a massive rise in the value of the meme coin. The digital asset traded around $1,300 at the beginning of October, and as of October 31, he was trading at $1,500.
During the same period, Bitcoin increased by only 6%. It traded around $19,500 in early October and finished the month above $20,500.
On the other hand, both assets have had a poor start to November. ETH has lost about 3% of its value in the last 24 hours, while BTC is down 0.6% of him. However, the top two coins are holding support levels at $1,500 and $20,000 respectively.