In the world of cryptocurrency, there are moments when prices rise simply because Bitcoin remains stable. Today is one such day, with Internet Computer (ICP) leading the charge with a 20% increase. Following closely is the token known as WIF, sporting a 16% surge. Despite a recent dip, WIF remains among the weaker performers in the top 100 cryptocurrencies over the past week.

Altcoins like Quant (QNT), NEAR, and TON are also showing strong gains, ranging from 11% to 15% in the last 24 hours. Ondo DAO (ONDO), linked to the DeFi protocol Flux Finance, has seen a notable 13.4% increase in the past day and a substantial 86% rise over the week.

While Bitcoin (BTC) has risen by 2.1% to reach $67,000, Ethereum (ETH) has seen a 1.4% increase. On the flip side, eCash (XEC), Ronin (RON), and Stacks (STX) are among the day's underperformers, each experiencing declines between 4.2% and 6.5% as of 9:15 am ET.

Ethereum's Layer-2 Solutions Surpassing Bitcoin in Active Addresses

Polygon PoS has surpassed Ethereum's mainnet in terms of monthly active unique addresses for the first time, with Ethereum's layer-2 solutions collectively attracting even more users. In February, Polygon PoS recorded 6.24 million active unique addresses compared to Ethereum's 5.89 million (three-month moving average).

When considering Ethereum and its major layer-2 solutions, the total active addresses reached 13.73 million last month, slightly surpassing Bitcoin's 13.98 million. Among these layer-2 solutions, zkSync stands out as the most popular, with a 27% higher average than Arbitrum (3.12 million compared to 2.45 million).

Over the years, Bitcoin has historically had more active addresses than Ethereum. However, Ethereum's mainnet has seen significant growth, doubling its active addresses over the past two years. Despite this, the network's count has been declining since its peak in June 2021.

The growth in active addresses has shifted towards popular layer-2 solutions like Arbitrum, Optimism, Base, and zkSync, collectively surpassing Ethereum's mainnet in monthly active addresses since July of the previous year.

Crypto Market Trends and Bitcoin's Correlation with Tech Stocks

In the crypto market, Bitcoin has been relatively stable, while crypto stocks have shown slight gains. Miner Cipher Mining and MicroStrategy, a prominent Bitcoin holder, have seen increases of 7.14% and 6.57%, respectively, as of the latest trading session.

Despite some fluctuations, Cipher Mining has emerged as the best-performing mining stock, with a 50% increase over the past month. Bitcoin's correlation with tech stocks has shifted, showing a 10% correlation with the Nasdaq 100, potentially moving towards inverse correlation.

Coinbase's correlation with tech stocks has also fluctuated, reaching its lowest point last month and rebounding to 68% over the past week. The correlation between Coinbase and Bitcoin has strengthened, currently standing at 94%, the highest since January 2022.

In terms of market capitalization, Coinbase is valued at $63.69 billion, slightly higher than Monster Beverage but lower than Nintendo. The combined value of all Bitcoin mining stocks has nearly tripled since November, now totaling $23.46 billion, equivalent to Vodafone's market cap.