{"id":113893,"date":"2019-09-18T03:55:52","date_gmt":"2019-09-18T03:55:52","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=113893"},"modified":"2026-04-26T16:08:09","modified_gmt":"2026-04-26T15:08:09","slug":"ethereum-rally-bitcoin-strong-fundamentals","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/ethereum-rally-bitcoin-strong-fundamentals\/","title":{"rendered":"Ethereum rallies against Bitcoin fueled by strong fundamentals"},"content":{"rendered":"<p><a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ethereum<\/a> is seeing an outstanding rally against Bitcoin\u2014fueled by strong network fundamentals\u2014while the overall altcoin market sees some relief after months of bleeding.<\/p>\n<h2>Altcoins in the green<\/h2>\n<p>Altcoins are finally getting some relief after getting pummeled, in <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> terms, since the beginning of the year. BTC dominance started the year at 57.8 percent and hit a high of 73.5 percent on Sept. 6, highlighting the magnitude of the satoshi losses.<\/p>\n<p><figure style=\"width: 1600px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/cTswyIYTPplEH9tvApEvh7CuGIaMQBkTtKnowcIpBsWH9Lkb3FxCYpnfqbRlvmwsc6Q5pz2Kh5B3m-53yuy2RoRt0-F-R0pLTUo9I9gMOlp8EkDSudm9piqHreHWSYpscaB4xIMj\" alt=\"Heat map of altcoin gains\" width=\"1600\" height=\"715\" \/><figcaption class=\"wp-caption-text\">Altcoins in a sea of green. Source: <a href=\"https:\/\/coin360.com\/?currency=BTC&exceptions=[BTC]&utm_campaign=menu&utm_medium=referral&utm_source=cointelegraph&utm_term=header\">Coin360<\/a><\/figcaption><\/figure>Altcoins, on average, lost 62.4 percent of their value against BTC\u2014meaning the vast majority of these coins have been losing investments versus a pure Bitcoin portfolio. Two <a href=\"https:\/\/cryptoslate.com\/binance-coin-and-chainlink-at-pivotal-trading-points-while-tron-remains-bearish\/\">exceptions<\/a> include <a href=\"https:\/\/cryptoslate.com\/coins\/chainlink\/\">Chainlink<\/a> and <a href=\"https:\/\/cryptoslate.com\/coins\/bnb\/\">Binance Coin<\/a>.<\/p>\n<h2>Market data behind Ethereum\u2019s rally<\/h2>\n<p>The second-largest altcoin by market capitalization, Ethereum, is leading the altcoin market capitalization recovery. The coin saw outstanding gains in the last 48-hours, with ETH going from $193 to $212, up 9.84 percent.<\/p>\n<figure style=\"width: 1259px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/cx6sCdxcktlMN6htermEOf0sD73dSM_FNMXFa_LwoN7G46z6ZccdXPvdJwhzla1KWIplZTHKXuexywQtqXb3y5Fz-1GqGqBAacnskUOSEA1pAvaS3Ph_jhSKzrNfTRWO1LT5712t\" alt=\"Ethereum US dollar chart\" width=\"1259\" height=\"792\" \/><figcaption class=\"wp-caption-text\">ETH\/USD by <a href=\"https:\/\/tradingview.com\/symbols\/ETHUSD\">TradingView<\/a><\/figcaption><\/figure>\n<p>This increased Ethereum\u2019s market capitalization by a good $2 billion, bringing up the total altcoin market capitalization to a current value of $78.9 billion, up from $75.5 billion two days ago.<\/p>\n<p>In satoshi terms, ETH hit a multi-year low before the recent rebound. One Ether was trading for just 1.88 million sats. Now, a single coin commands 2.06 million satoshis.<\/p>\n<figure style=\"width: 1600px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/WB7SqPdCnzT_aCVSMZZZVmG25JKmug7r6YNNvdRh-Wp3k-WrVWO9AiWf9b-gkocCDTEbYohfMMEq9-5Qk6kRuwvxtH6V2l1ib3WdPHimTp4ThX862vuU3DdVVdzuj4fIcLDS6j7S\" alt=\"Ethereum price satoshis\" width=\"1600\" height=\"596\" \/><figcaption class=\"wp-caption-text\">Source: CoinMarketCap<\/figcaption><\/figure>\n<p>Volume is also up substantially, an indicator that validates the impulse. Volumes for Ethereum are up 56.2 percent over the 7-day average, with $10.3 billion in ETH traded over the last 24-hours, according to <a href=\"https:\/\/cryptoslate.com\/companies\/coinmarketcap\/\">CoinMarketCap<\/a> data.<\/p>\n<h2>Ethereum fundamentals<\/h2>\n<p>The Ethereum network has seen a number of metrics grow substantially since its last rally, as <a href=\"https:\/\/twitter.com\/spencernoon\/status\/1174048561287311360?s=20\">pointed out<\/a> by crypto investor Spencer Noon.<\/p>\n<p>First, ETH is overtaking BTC in daily transaction fees, suggesting strong demand for the network. Transactions with high fees attached are indicative of meaningful economic activity taking place on the chain, especially when compared to blockchains with low-fee or fee free transactions (making these protocols <a href=\"https:\/\/cryptoslate.com\/vitalik-buterin-proposes-using-bitcoin-cash-as-ethereums-data-layer\/\">susceptible to spam<\/a>).<\/p>\n<figure style=\"width: 1200px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/PSZDEPm0_rkSXi0Goz6kRWu_pI5T9YCWNKOBqWxX_bdP7keN0D6dBf52IAcFCc0msy4BJOmmQauuMQ8KjRBdH3kVkEQ1PmgoHbZoQY7G9s91D7FaLS1hhgKix8uRC0LUb9JEGNtk\" alt=\"BTC vs ETH daily transaction fees, USD\" width=\"1200\" height=\"742\" \/><figcaption class=\"wp-caption-text\">Source: <a href=\"https:\/\/coinmetrics.io\/\">Coin Metrics<\/a><\/figcaption><\/figure>\n<p>Another promising indicator is daily gas usage. The metric is at an all-time high, suggesting that the amount of computation conducted on the network and its per unit value is also increasing.<\/p>\n<figure style=\"width: 1200px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/59eteKWW9k_SLv2dsL4DAQGgXLb7glPW4yVs63REza8RyU39p5ZVPjxQkc-u3m3dlMN5Ra648iXAPrsvBEjQ-lJYqqfzxuvPF_cz3Nnzi8vIlRswTHDENaApLk51VhnJhFDuLwTV\" alt=\"ETH gas usage\" width=\"1200\" height=\"742\" \/><figcaption class=\"wp-caption-text\">Source: Coin Metrics<\/figcaption><\/figure>\n<p>Year-to-date loans originated on DeFi protocols on the Ethereum network are also showing robust numbers. Since the beginning of the year, a notable $419 million in loans have originated on decentralized finance protocols which use Ether and other ERC-20s as collateral.<\/p>\n<figure style=\"width: 1301px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/LWJU2nKZU2r_6wY3rKMZ3vwOQz7ck3YfiSgdfkHzH5cd2l7Vd6IIL-_w0nIAOEO68lEsgtE29YTJjZPor3CD4X0pbf5xYhsymgKNkQybTTU-cyevNFdiLzEawpqh-qY4YTwRHh8u\" alt=\"Loans originated on Ethereum\" width=\"1301\" height=\"711\" \/><figcaption class=\"wp-caption-text\">Source: <a href=\"https:\/\/loanscan.io\/\">LoanScan<\/a><\/figcaption><\/figure>\n<p>Origination dollar volume peaked in July, followed by a slump in August. If this rally continues then October may see an uptick in origination volume. Outside of network statistics, Ethereum has seen a number of news events in the last month that support a rally.<\/p>\n<p><a href=\"https:\/\/cryptoslate.com\/companies\/hyperledger\/\">Hyperledger<\/a> <a href=\"https:\/\/cryptoslate.com\/hyperledger-welcomes-blockchain-ethereum\/\">included Ethereum<\/a> as its first supported public blockchain, Santander recently <a href=\"https:\/\/cryptoslate.com\/santander-issues-20-million-bond-on-ethereum-blockchain\/\">issued a $20 million bond<\/a> on the network, BitPay is <a href=\"https:\/\/cryptoslate.com\/bitpay-ethereum-mainstream-payments\/\">bringing<\/a> ETH payments to the mainstream, and demand from the Muslim world may increase after scholars <a href=\"https:\/\/cryptoslate.com\/ethereum-halal-muslim-scholars-eth-demand\/\">deemed<\/a> the cryptocurrency halal.<\/p>\n<p>It\u2019s impossible to predict where the markets are going. Nevertheless, there seems to be a lot of reasons to be bullish on Ethereum.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum is seeing an outstanding rally against Bitcoin\u2014fueled by strong network fundamentals\u2014while the overall altcoin market sees some relief after months of bleeding. Altcoins in the green Altcoins are finally getting some relief after getting pummeled, in Bitcoin terms, since the beginning of the year. BTC dominance started the year at 57.8 percent and hit [&hellip;]<\/p>\n","protected":false},"author":29,"featured_media":93979,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,61713,15323,6849],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ethereum rallies against Bitcoin fueled by strong fundamentals<\/title>\n<meta name=\"description\" content=\"Ethereum is seeing an outstanding rally against Bitcoin\u2014fueled by strong fundamentals\u2014while the overall altcoin market sees some relief after months of bleeding.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/ethereum-rally-bitcoin-strong-fundamentals\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethereum rallies against Bitcoin fueled by strong fundamentals\" \/>\n<meta property=\"og:description\" content=\"Ethereum is seeing an outstanding rally against Bitcoin\u2014fueled by strong fundamentals\u2014while the overall altcoin market sees some relief after months of bleeding.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/ethereum-rally-bitcoin-strong-fundamentals\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-18T03:55:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-26T15:08:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/11\/eth-hodl-social.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mitchell Moos\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Ethereum rallies against Bitcoin fueled by strong fundamentals\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mitchell Moos\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/ethereum-rally-bitcoin-strong-fundamentals\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/ethereum-rally-bitcoin-strong-fundamentals\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/#person\",\"name\":\"Mitchell Moos\",\"url\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/11\/author-mitchell-moos.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/11\/author-mitchell-moos.jpg\",\"caption\":\"Mitchell Moos\"},\"jobTitle\":\"Contributing Analyst\",\"description\":\"Mitchell is a software enthusiast and entrepreneur. 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