The collective crypto ecosystem showed a significant decline on January 21. Bitcoin fell to $ 28,880 and after posting a new all-time high, Ethereum dropped to $ 1081. However, while Ethereum and other altcoins have managed to regain higher levels on the charts, Bitcoin is still struggling below its immediate resistance range.
At press time, Ethereum was valued at $ 1,300, while Bitcoin was priced below $ 34,000.
According to Santiment’s analysis, Bitcoin and Ethereum have enjoyed fierce competition with each other, as both have registered strong dominance since late December 2020. Now, data suggests that over the course of January, the technical development of both assets has reflected their price competition.
It is fundamentally important for all digital assets, not to mention Bitcoin and Ethereum, that the development side of things always move forward. The chart above is a positive indication of how the price and underlying technology are progressing.
However, if the price continues to develop today, and if it continues to do so in the future, Ethereum may witness a greater dominance over Bitcoin.
Github comparison between BTC and ETH
Ethereum has been at its technical “forefront” since the beginning of 2019 and now its development sector could be starting to reap the rewards. ETH 2.0 successfully launched its phase 0 in December 2020, but this difference can also be highlighted between Bitcoin and Ethereum’s GitHub activity.
Ethereum’s GitHub site is buzzing with constant activity and according to the site , it currently had 247 active repositories. A repository is a section of storage that contains project files and the revision history of each file. The number 247 could mean that there are currently 247 active projects in development on Ethereum.
In comparison, Bitcoin had only 4 repositories.
The above difference should be taken with a grain of salt, as Ethereum is technically a platform for various projects, while Bitcoin is working independently on its own development.
However, it doesn’t take away from the fact that developers are joining the Ethereum ecosystem more than Bitcoin. According to a recent report, Monthly active Bitcoin developers have grown by 70% in the last 3 years, but the number of Ethereum developers skyrocketed by 215% in the same time period.
Is Ethereum in a better place?
From a logical point of view, the answer is yes, but technological development may not continue to reflect price action at all times. Bitcoin is still very popular with major investors and traders, and market sentiment plays a huge role.
Ethereum is only starting to get the attention of reputable traders, so its dominance based solely on development activity might not manifest much on Bitcoin, at least for now.