Ethereum Outperforms Bitcoin Amid Network Surge

Ethereum surged past Bitcoin in performance this week, gaining about 8 percent over the past 24 hours compared to Bitcoin's roughly 5 percent rise, as of April 14, 2026. The outperformance extended to 4 percentage points over the past week and nearly 9 points over the month, driven by heightened network activity, renewed investment inflows, and a wave of short position liquidations across cryptocurrency derivatives markets.

Trading near $2,346, Ethereum benefited from a sharp increase in on-chain usage. The network processed 3.62 million transactions on April 12, marking the first time it exceeded 3 million in a single day and representing a 41 percent jump week over week from about 2.5 million. This followed a trend of rising daily volumes since November 2025, with the baseline shifting from 1.5 million to 2.5 million over six months. The first quarter also saw 284,000 new users join, alongside a record stablecoin supply, signaling sustained growth on Ethereum's base layer.

However, the quality of this activity raised questions. Stablecoin transfer volumes fell 42.6 percent over the period, and transaction fees dropped nearly 50 percent, indicating smaller-sized transactions...