ETH investors have so far had a wonderful month, as the second largest coin has made 35% gains in 2020. Its major competitor, BTC has made only 16% during the same time frame. According to John Lilic, co-founder of Code to Inspire, ETH is now in a phase where it is outperforming BTC. The former has gained about 11% against the latter.
Though the crypto market is considered to be highly unpredictable, traders could have easily guessed that ETH could perform well this January. They could do this by simply looking at the coin’s previous performance. ETH’s price action historically tends to be positive at the beginning of every year.
Last year, the price of ETH was subdued in January, but it skyrocketed in February, with an impressive 52% gain. Meanwhile, its rival BTC was struggling to surpass the $4000 region.
This year, ETH hits its 2020 high of $176 on January 19, but has since then shed some of these gains.
The price growth comes along with an 8% in the amount of ETH locked up in DeFi applications. This is a positive development for the ETH price, since more than 3% of the coin’s supply remains inaccessible.
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