Bitcoin (BTC) has significantly outperformed Ethereum (ETH) in realized capitalization growth, as evidenced by data from the analytics platform Glassnode. This highlights the current dynamics of the cryptocurrency market.
Capitalization Dynamics of Bitcoin and Ethereum
According to data provided by Glassnode, Bitcoin experienced a growth in realized capitalization of $468 billion since November 2022, representing over 117%. In contrast, Ethereum's realized capitalization grew only by $61 billion, or about 32%.
Investor Profitability in Bitcoin
The data shows that Bitcoin maintains high profitability for investors, a status held for 812 consecutive days. This historic stretch indicates that the average Bitcoin holder is in profit, whereas Ethereum's market value to realized value (MVRV) has fallen below 1.0, suggesting losses for its investors.
Insights from MVRV Metric
The MVRV metric confirms that Bitcoin's investor profitability significantly exceeds that of Ethereum. Bitcoin's long-term dominance in this aspect underscores the structural difference between the two assets in the current market cycle.
The data indicates that Bitcoin not only maintains its leading position in terms of capitalization but continues to be a more profitable asset compared to Ethereum over an extended period. This points to sustained investor interest in Bitcoin even amid market volatility.
