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Cryptocurrency News Articles
Bitcoin (BTC) Surges 7.7% in September, Outpacing Ethereum (ETH) as Market Share and Fee Revenue Decline: VanEck
Oct 05, 2024 at 03:00 am
VanEck stays optimistic about Bitcoin's outlook heading into the fourth quarter, citing robust macroeconomic assist and institutional inflows whereas expressing issues over Ethereum's ongoing struggles with market share and declining price technology.
VanEck Stays Optimistic About Bitcoin, Expresses Concern Over Ethereum’s Struggles
November 10, 2023 by Samyuktha Krishnagopal
VanEck stays optimistic about Bitcoin’s outlook heading into the fourth quarter, citing robust macroeconomic assist and institutional inflows whereas expressing issues over Ethereum’s ongoing struggles with market share and declining price technology.
Based on the company’s September recap report, Bitcoin surged 7.7% over the month, buoyed by the Federal Reserve’s rate cut and China’s financial stimulus. It outpaced Ethereum, which managed solely a 3.2% acquire over the identical interval.
Bitcoin and Ethereum. Supply: VanEck
VanEck mentioned that Bitcoin’s rally, which noticed $1.2 billion in net inflows into US Bitcoin exchange-traded merchandise (ETPs), signifies rising investor confidence. These ETPs have accrued extra Bitcoin than has been mined since their launch, enjoying a vital function in worth formation.
In distinction, Ethereum continued to lose floor, with price technology dropping sharply as its market share hit five-year lows. Regardless of the poor efficiency, Ethereum confirmed indicators of stabilization mid-month, as its price market share rebounded from 31% in August to 45% in September.
Ethereum’s shift to a settlement layer for Layer-2 blockchains, following the implementation of EIP-4844, has lowered demand for its blockspace, resulting in a pointy decline in transaction revenues from $7.2 billion in March to $1.2 billion in September.
VanEck prompt that whereas Ethereum’s long-term technique goals to assist mass adoption, its short-term underperformance might problem its place out there. Alternatively, Bitcoin continues to indicate resilience, with institutional inflows and powerful worth momentum reinforcing its dominant place within the digital asset house.
Prime metrics
Layer-1 blockchains dominated in September, with Sui main the pack, surging 118% to succeed in a $5 billion market cap. The community additionally noticed a big 140% development in every day energetic addresses (DAAs) and a 48% development in income, pushed primarily by memecoin hypothesis and native stablecoin exercise.
Aptos additionally carried out strongly, climbing 23%, regardless of a token unlock price $90 million. The expansion was largely attributed to the Raptr software program improve, which bolstered transaction speeds and boosted every day energetic addresses by 30%.
Solana rounded out the highest three performers after surging 14% over the interval. This was fueled by the much-anticipated launch of the “Firedancer” improve, which guarantees to spice up transaction throughput and community reliability. Firedancer, at present in testnet, achieved 89,000 transactions per second, a big enchancment for the Solana community.
In the meantime, Polygon underperformed the broader market, falling by 4% amid a pointy drop in every day energetic customers and a 50% discount in price technology. Regardless of these challenges, the community continued with its Polygon 2.0 roadmap, efficiently migrating the MATIC token to POL with the aim of enhancing interoperability and scalability.
Memecoins posted a 31% acquire in September, whereas DeFi tokens adopted with a 19% enhance. Layer-1 tokens as an entire rose 11%, with crypto equities gaining 11% as effectively.
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- How to Buy Bitcoin on eToro: A Step-by-Step Guide for Beginners
- Oct 05, 2024 at 08:35 am
- The price of $BTC has risen by over 120% in the last year, following the SEC's approval of the Bitcoin ETF. As a result, both new and experienced investors have looked to buy the cryptocurrency on different platforms, eToro being one of them.