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Ethereum leading the way in August and could reach its all-time high before Bitcoin

96% of Ethereum investors are in the black

August 2021 has seen more Twitter posts with the hashtag Ethereum than ever before.

On 5 August there were a total of 59,950 tweets with the hashtag, as its ‘London upgrade’ and upward price movements have caused frenzy around the cryptocurrency.

Ether has recorded strong levels of growth over the past month, outperforming both Bitcoin and XRP.

According to data gathered by Block-Builders.net, 96% of Ethereum investors are in the black. This figure falls to 85% and 68% for Bitcoin and Cardano respectively.

The majority of the cryptocurrency scene is generally optimistic about Ethereum at the moment. The Fear & Greed Index is at 74, compared to 71 for the crypto market as a whole. The maximum value of 100 represents the greatest possible euphoria among investors.

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“Bitcoin is still well ahead in terms of market capitalisation,” adds Block-Builders analyst Raphael Lulay. “However, more and more market observers consider it possible that Ethereum will one day overtake Bitcoin.”

Recent analysis has suggested that Ether, Ethereum‘s native token, could outpace Bitcoin to a new all-time high.

Ki Young Ju, CEO of on-chain analytics service CryptoQuant, tweeted on Wednesday highlighting a “sell-side liquidity crisis” that could yet give Ethereum the edge over Bitcoin.

“$ETH might reach its all-time high earlier than $BTC in the long term,” Ki said.

This is in part due to supply changes brought about thanks to the recent hard fork, which could cause a shortage of supply, pushing Ethereum to a new high.

At the time of writing, the price of Ethereum stands at $3,057.84.

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