On June 28, for the first time, the address activity of Ethereum’s ETH was more than BTCs. The news gives some substance and hope to those betting on Ethereum’s possibility to outperform and outshine Bitcoin in the long run.
Experts in the industry have not lost hope with the plummeting prices as China continues crackdown on Bitcoin mining. Many are still hoping for a bull run in the coming weeks. Some analysts predict Ethereum to hit $20,000 in the next two to three years.
As the ETH address activity takes over BTC’s, ConsenSys founder Joseph Lubin came out to explain the phenomenon and said: “The prices have risen… and there is so much intensity that essentially a few weeks ago it hit bit of a blowoff top, but we’re back to growing in price and the activity hasn’t stopped and the cycles that we’re seeing in out ecosystem… are compressed. We’ll see recovery as much faster.”
Ethereum has been resilient and has managed to maintain itself above the $2000 mark despite other currencies dropping below a certain threshold. . With the rise in Defi protocols and a multitude of Dapps built on the Ethereum Network, the prospects of the largest altcoin are bright.