The month of April came to a close a week ago, but the first month of Q2 2020 had a huge positive effect on Bitcoin and Ethereum. During the final week of April, Coinmetrics announced that Bitcoin managed to outperform Ethereum for the first time in three weeks.
BTC reported a 17 per cent rise in its market cap, while Ethereum finished the week in a fairly good spot with a 12.8 per cent increase in its market cap.
As per the chart it was suggested that Bitcoin recorded a 12.2 per cent increase in active addresses in the charts, and that the number of transactions also improved by 5.4 per cent. On the other hand, the active addresses of Ehtereum improved by 4.8 percent and a 2.8 percent uptick was identified in terms of transactions.
However, the biggest digital asset was the most eye-catching figures for its BTC fees. Data indicated that BTC fees were up by 170 percent in the last week of April, underpinning the increase in Bitcoin‘s market health. Higher BTC fees indicated that miners were profitable and paid more at the time Bitcoin’s fee-to-revenue ratio increased by more than 6 percent on April 30th, the highest amount since June 2019.
Ethereum CMBI index outperforms Bitcoin Index in April
While Bitcoin had the upper hand in the last week of April, Ethereum managed to produce better returns throughout the week and the month as a whole.
The study suggested that both CMBI and Bletchley Indexes had a strong week off the back of continued market growth. Despite the horror show in April, the more volatile low cap assets were in the black, with returns of more than 13 per cent on the map.
The CMBI Bitcoin Index and CMBI Ethereum Index recorded 6.9 percent and 7.6 percent positive returns respectively and a combined monthly evaluation indicated that Ethereum had outdone Bitcoin over the course of April.
The report stated,
“After a March to forget, crypto assets bounced back strong in May with an almost uncanny uniform performance across the top 70 assets, with the Bletchley 10, 20, 40 and Total all returning between 34% and 36%. However, it was the CMBI Ethereum Index that outpaced all other indexes, returning 58.7% in what was its second-best month in the past two years.”
Bitcoin’s CMBI returns for April were about 36.4 percent, taking the 2nd position behind Ethereum in the charts.