#Ethereum and Layer 2 Networks: Poised to Surpass Bitcoin in Active Addresses
Ethereum and its associated Layer 2 solutions are making significant strides, potentially outpacing Bitcoin in terms of active addresses. This development marks a pivotal shift in the digital currency landscape, as Ethereum continues to gain traction among users.
Recently, the cryptocurrency known colloquially as 'the pupper with the woolly hat' (WIF) has seen a notable resurgence, recording a 16% increase. Despite experiencing a substantial 30% retracement earlier in the week, which resulted in a period of underperformance, WIF has managed to recover, although it remains one of the least successful cryptocurrencies within the top 100 over the past week.
In the altcoin sector, alternative blockchain currencies such as Quant (QNT), NEAR, and TON (TON) have also witnessed growth, with gains ranging from 11% to 15% in the last day. Meanwhile, Bitcoin (BTC), the stalwart of the cryptocurrency world, has seen a modest rise of 2.1%, reaching a value of $67,000. In contrast, Ethereum (ETH) has experienced a smaller uptick of 1.4%.
However, not all cryptocurrencies are enjoying upward momentum. eCash (XEC), ronin (RON), and stacks (STX) have encountered setbacks, with declines between 6.5% and 4.2% as of 9:15 am ET, reflecting the volatile nature of the market.
This snapshot of the cryptocurrency market underscores the competitive environment in which these digital assets operate. As Ethereum and Layer 2 networks continue to evolve and attract more active addresses, they represent a growing challenge to Bitcoin's dominance, signaling a potential shift in user preference and investment focus within the crypto ecosystem.