Many are still believing that Ethereum will surpass Bitcoin one day.
Now that Ethereum shows a lot of success during this current bear market, a lot are wondering if the asset will be the world’s largest cryptocurrency by market cap. Bitcoin is still in the number one spot. However, Ethereum seems to be promising, and Wall Street is experiencing more interest in the asset.
Ethereum gains serious momentum
Ethereum is now the second largest cryptocurrency by market cap and the main competitor to bitcoin. Six years ago, the asset garnered a solid reputation along with the developers that are looking to establish new coins and decentralized applications. Many are believing that its network is even more adaptable because of its abilities with smart contracts.
Last year, Bitcoin rallied by about 300%, which is small when being compared to Ethereum. Now trading for about $2,500, the currency experienced a heavy dip together with Bitcoin. This is making a lot of individuals speculate if Ethereum will become more stable than BTC.
“In the long, long, multi-year timeline, yes. Ethereum will flip bitcoin. It is just now starting to be understood by the second-tier adopters. Ethereum’s utility alone will outstrip anything else… Bitcoin is digital gold, but Ethereum is digital oil. Our outlook is bullish overall. Most of the pain of this pullback has probably been experienced already.”
Nathan Cox of Two Prime fame
Cox isn’t the only person who believes that Ethereum is acquiring a hidden power. In the past few months, several analysts emerged to claim that ETH will surpass bitcoin to be the number on the crypto ladder. For instance, Mike McGlone is an analyst that said the very idea before. While Goldman Sachs previously issued a new report saying that Bitcoin will lose its position to Ethereum.
Will things be bullish again?
Although Ethereum and Bitcoin experience more price dips until now, several financial experts believe that the bulls will enter the fray again.
“Sentiment towards the king of crypto continues to shift into positive territory. While the past few days have shown once again that celebrities and the movers and shakers in the space can impact the price, this will not last forever. The momentum that has won bitcoin increasing recognition as an asset class continues to gather pace.”
Paolo Ardoino – the chief technology officer of crypto exchange Bitfinex
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