Ethereum: One more reason to invest in ETH as it outperforms BTC in July

Addresses continue to accumulate ETH, but interest in Ethereum NFTs falls.was the cryptocurrency that gained significantly during this period, compared to the king coin.According to Santiment’s data, in the past 30 days, Ethereum’s market price increased by 4.9% compared to Bitcoin. And this growth was attributed to Ethereum’s rebounding network growth.

A surge in network growth indicated that new users transferring ETH for the first time has increased. This also meant that the interest in ETH amongst new users was on the rise. And this could help ETH be propelled to new heights going forward. Another factor that contributed to Ethereum’s price movement was the consistent activity observed on the Ethereum network. Santiment’s data showcased that the daily active addresses on Ethereum continued to grow steadily over the last month.

Additionally, as July came to a close, Ethereum displayed utility numbers that align more closely with those seen in May when its price dominance over Bitcoin was evident.At press time, ETH was trading at $1833.3. The price of ETH had fallen by 9.89% in the last week, after testing the 2028.3 resistance level. ETH’s price showcased multiple lower lows and lower highs after testing the level, establishing a bearish trend.The RSI of Ethereum, which was at 30.

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