Bitcoin has jumped by almost 9% over the past 7 days, but over the same period, it’s biggest Altcoin competitor, Ethereum, recorded even higher gains of 14% as ETH topped back to psychological levels of $3,000 for the first time since the beginning of March.
With the cryptocurrency market showing signs of bullish sentiment, it seems that investors are getting back a taste for more risky assets than stablecoins, the inflows of which have also increased on crypto exchanges.
“Ethereum demand and adoption are strong”, say the co-founders of Glassnode.
From the Glassnode data that was shared with the Twitter (NYSE:TWTR) community, it can clearly be seen that Ethereum is currently much more in demand than Bitcoin, based on the total transaction fees generated over the same time period.
The data charts also show that Ethereum is starting to gain ground toward breaking out of the long period of Bitcoin dominance.
2/ ETH/BTC shows that #Ethereum begins to gain ground, breaking out of the long-term #BTC dominance period started in Nov 2021. pic.twitter.com/EmZxBd9s1o—