Bitcoin price in May 2021, Altcoins, Ethereum, Dogecoin, seem to outpace Bitcoin
Bitcoin, while still massively popular and important, has recently been dwarfed by Ethereum and Dogecoin.
Although Bitcoin has largely been left out of the development of altcoins, it remains the best-known and most dominant cryptocurrency. Bitcoin, which was the dominant cryptocurrency, now accounts for 46% of the combined market capitalization of cryptocurrencies, according to CoinMarketCap.
The market value of BTC/USD is too close to the $60,000 resistance line. Looking at the technical indicator, it seems that the market value of BTC / USD has to trade values below that price. According to the Relative Strength Index (14) provided by TradingView, BTC / USD is showing signs of weakness in its downtrend.
It seems that the price of Bitcoin is in a long-term downtrend, and if the current support level of the pennant pattern. A look at the daily chart shows the formation of a bearish candlestick pattern.
Glassnode has charts that now show that Ethereum has more active blockchain addresses than Bitcoin.
Ethereum has significantly outperformed Bitcoin this year. It is up about 442% versus just 90% for Bitcoin. Ethereum has many more uses than just a store of value. Its blockchain is used more prolifically than Bitcoin.
This could be one of the main reasons why Ethereum has significantly outperformed Bitcoin, as many altcoins provide more than just a simple payment mechanism and value storage function as Bitcoin does.
As of April 10, Ethereum had 580,744 active addresses, while Bitcoin was at 509,074.
In other words, it is being used in more smart contracts, data warehousing, NFT, and other blockchain uses, including transfers, than Bitcoin. That gives your currency a true underlying value that can start to come close to competing with Bitcoin.