Ethereum outpaced Bitcoin in terms of annual value growth

Cryptocurrency analysts note: Ethereum ETH $4,446.05 Bridged Ether (StarkGate) 2.73% Market capitalization $0.12 billion VOL. 24 hours $3.2 billion has outperformed Bitcoin BTC $119,854.61 Bitcoin -0.47% Market capitalization $2.39 trillion VOL. 24 hours $2.07 billion in terms of growth since the beginning of the year, showing an increase of 28.21% against 27.40% for the main cryptocurrency. Over the past month, ETH has risen by 44%, reaching levels last seen in November 2021. Over the same period, Bitcoin grew by only 1.2%. Ethereum’s market share rose to 13% for the first time in almost eight months, while Bitcoin’s dominance declined.

The main factor behind ETH’s growth was a sharp jump in institutional demand. According to SoSo Value, in July, net inflows into Ethereum spot exchange-traded funds exceeded $ 21 billion, significantly outpacing the same figures for Bitcoin. This indicates that major market players are actively expanding their positions in ETH.

Additional impetus was given by large purchases of Ethereum by BitMine Immersion Technologies, Inc. and Sharplink Gaming, Inc. which increased their cryptocurrency reserves. Such transactions support the optimistic mood of investors and add weight to the scenarios of further growth of the ETH rate.

BitMine shares rose 14.68% to close at $ 58.98 during Tuesday’s session. Analysts note that amid high levels of interest and a growing market share, Ethereum has the potential to further strengthen its position, especially in the face of active institutional investment.