Bitcoin and Ethereum have emerged as two of the most prominent cryptocurrencies in the present crypto ecosystem. The last year was a testament to this fact as debate and competition between the two continue to shape the global crypto landscape.
Multiple studies and analyses have shown that Bitcoin is the largest cryptocurrency in existence. It recorded a 58% growth when compared to the last two years. However, Ethereum did manage to outperform Bitcoin in terms of growth in value throughout 2021. According to some estimates, Ethereum grew by more than 140% in the same time. In the first few months of 2021, Ethereum saw a 102% increment. It is Ethereum’s best quarterly performance till now and it managed to stay on top of Bitcoin for the rest of the year.
The NFT craze causing gas fees to skyrocket and DeFi attracting billions of new users and investors were certainly enabling factors. The launch of the EIP-1559 update brought forth a new structure that contributed to making Ethereum deflationary. In the meantime, Ethereum’s golden vein of performance seems far from drying out. If anything is taking a hit for Ethereum, then it’s the reputation of being the biggest ‘altcoin’ since it is not showing signs of slowing down anytime soon. That’s because Bitcoin carried forward the price actions and volatility of the previous year. The last 7 days have seen Bitcoin losing 2.6% of its value. Ethereum, on the other hand, has recorded a 0.1% increase.
