Ethereum investors are probably partying after the second best cryptocurrency by market cap presents it second highest monthly return in two years on the CMBI Index.
After the crash experienced in the cryptocurrency market in March this year, the market has however made a speedy comeback. Bitcoin continues to hover around $8,700 and $9,300, and at the time of filing this report, Bitcoin has surged past $9,360 after adding 16% gain to its value against the US Dollar in the past week.
Ethereum [ETH] ranking second behind Bitcoin recorded a 7% gain. As presented by Coin Metrics’ Bletchley Index [CMBI], this new better performance is not limited to the major assets alone, but it is uniformly demonstrated by all the top 70 assets.
Ethereum has recorded its second-best month in two years as its monthly return beats that of Bitcoin. According to information obtained from CMBI, Ethereum index presented a monthly return of 58.7% to zoom past Bitcoin which registered 36.4%.
This indicates that investors who have earlier invested in Ethereum would be celebrating a huge profit than others who invested in other cryptos.
Although there has been a uniform performance in the cryptocurrency world lately, there is a future guess of separation.
The halving of Bitcoin which is in a few days away could be the primary cause of this separation. However, in spite of such a guess, the relationship between Ethereum and Bitcoin has so far been very strong this year.
ETH-BTC relationship attained an all-time high rate of 0.9020 on the 3rd of May. In addition, the Ethereum ecosystem has lately recorded another major breakthrough in preparation for Ethereum 2.0.
The Ethereum blockchain recorded 9.270 million blocks than Bitcoin, by mining its 10 millionth block. It has, however, increased the speed to mine a block in 20 seconds against Bitcoin which takes 10 minutes to mine a block.