Bitcoin may appear to have had a good year as the price has been able to pull a 63.8% growth year to date, but several metrics indicate that the market has been stagnant. In contrast, these metrics also played a role in the about 413.6% surge in Ethereum, up to 4x the growth of Bitcoin.
According to the CEO and founder of Real Vision and Global Macro Investor, Raoul Pal, an inspection of these metrics can give some insight to why Bitcoin has been outperformed so stunningly by Ethereum in 2021.
While Bitcoin recorded significant stagnation, Ethereum hit new milestones
Pal explained these metrics in a Twitter thread and how they played a role in the market dynamics of Bitcoin. According to him, “a lot is going on in the digital asset space but also nothing going on and that is the problem.”
He points out that Bitcoin volumes have peaked since 2020; active wallets have not been increasing significantly as retail activity peaked at the beginning of 2021; although institutional investor
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