Bitcoin saw more value enter its network in one week than the market capitalization of the Ethereum network.
Bitcoin has added more than $80 billion in value in the last 7 days compared to Ethereum’s market capitalization of $71.8 billion.
Bitcoin has recently surpassed the highest prices and has stabilized below $28,000. However, the sheer volume of money that investors are investing in the asset is also attracting attention. However, the record high prices are not the only numbers that are attracting attention. In less than a week, the size of Bitcoin Up market capitalization has increased by more than the size of Ethereum’s overall market capitalization.
Bitcoin has surpassed every new record high throughout the month.
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Bitcoin has had a massive year and the largest cryptometer in terms of market capitalization continues to show significant market growth during the latter part of the year.
The market capitalization of #Bitcoin (+ 76 billion dollars) has increased by #Ethereum whole (73 billion dollars) since Monday.
This fact is almost surprising, as it shows how much growth and attention is focused on Bitcoin.
A look at CoinMarketCap shows that Bitcoin’s market capitalization has grown from $435.5 billion to $516.1 billion in just seven days. That’s an increase of $80.6 billion. The Dudas tweet highlighting this statistic is less than a 9-hour day old. Bitcoin’s share price and market capitalization continue to grow, so that the real figure is well over $80 billion in value added in the last week.
Does this increase tell us more about Bitcoin or Ethereum?
Both of the two leading cryptomoney products have seen increased usage and adoption, and Ethereum has undergone a fundamental upgrade. In addition to the increased interest of institutions in the cryptographic asset class, one of the main factors indicating the growth of Ethereum is the drastic increase in decentralized financial applications, or DeFi applications. At the beginning of 2020, the Total Locked Value (TVL) in DeFi applications was less than $1 billion. This number has exceeded $16 billion (although it has since declined slightly), in less than a year.
Ethereum’s major update in early December brought the network from ETH 1.0 to ETH 2.0. With the launch of ETH 2.0, the network verification process has moved from a proof of work (PoW) mechanism to a proof of issue (PoS) mechanism. Network validators will no longer need to dedicate power and computing power to validate the network. Now they simply put their Ethereum on the line. This transition increases the speed of Ethereum transactions while reducing the transaction costs for users: a win-win solution for network users.
Bitcoin’s fundamental growth leads some users to see this as a sign that Ethereum is being neglected. Anthony Bertolino, Brand Director of iTrust Capital, responded to Dudas‘ tweet by saying: „This makes me incredibly optimistic for ETH given the fundamentals in between“.