Jan. 21 saw the overall cryptocurrency market experienced a significant recession. Bitcoin fell to $28,880, and Ethereum dropped to $1,081 after recording a new high. However, while Ethereum and other cryptocurrencies manage to recover to higher levels, Bitcoin is still struggling within its current price resistance range.
According to the data from Santiment, Bitcoin and Ethereum have been in fierce competition since the end of December 2020, but both have shown a strong dominant position. As per the data, the technical development of these two assets all reflect its price level in January.
Bitcoin and Ethereum essentially enjoy development in their prices, let alone other cryptocurrencies.
However, if the price rises closely and Ethereum continues to develop in the future, the increasing dominance of Ethereum may surpass that of Bitcoin.
Since the beginning of 2019, Ethereum has been at the "frontier" of technology, and now its development department may start to pay off. December 2020 saw ETH2.0 successfully launched the "0" phase. However, there are still significant differences in the activity of Bitcoin and Ethereum on GitHub.
Ethereum's GitHub site is continuously active. According to its calculation, there are currently 247 active repositories. A repository is a storage section that contains project files and revision history of each file. 247 repositories may indicate that there are now 247 ongoing projects developed in Ethereum. In contrast, Bitcoin has only 4 repositories.
The above difference is based on the principle that Ethereum is technically a platform for several projects, while Bitcoin is an independently developed platform.
However, it cannot change the fact that the number of developers joining Ethereum exceeds that of Bitcoin. Recent reports showed that the number of monthly active Bitcoin developers has increased by 70% in the past 3 years while the number of Ethereum developers has soared by 215% during the same period. As such, is Ethereum gaining more edges in crypto markets?
Logically, the answer is yes, but technological development may not always reflect price action. Bitcoin remains popular among major investors and traders, and it plays a huge part in market sentiment.
Ethereum has just begun to receive some attention from institutional traders. Therefore, we expect that at least so far, the dominance of Ethereum based on development activities has not surpassed Bitcoin.