Despite experiencing a decline in price over the past month, Ethereum (ETH) has outperformed Bitcoin (BTC) and other major altcoins during that period, indicating significant resilience in the asset as the broader crypto market navigates a correction phase.
One of the factors that particularly contributed to Ethereum’s outperformance is the robust resurgence in growth on the blockchain 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, Santiment data showed on August 1. The network added more than 80,000 new addresses at the end of the month, data revealed.
“Ethereum’s market price has gained +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.”
– Santiment wrote in a Twitter
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