Ethereum Be About To ‘Flip’ Bitcoin?
“What ethereum has done is look at something that already exists—bitcoin—and made it better,” said Sabanov. “It has an extremely vibrant developer community and that means that the ecosystem is growing at astonishing speed.”
Ethereum bulls point to the network recently overtaking bitcoin in a number of closely watched metrics and its price performance relative to bitcoin over the last year as justification of their predictions. Ethereum has soared 600% over the last 12 months, compared to bitcoin's 250% increase.
“The crypto giant recently surpassed bitcoin in the total number of active daily addresses, and that momentum shows no signs of slowing as the network continue to power key DeFi and NFT trends,” Sabanov added.
Decentralized finance (DeFi), using crypto technology to reinvent traditional financial products like loans and insurance without the need for banks, and non-fungible tokens (NFTs), unique digital crypto tokens tied to online media, have both become multibillion dollar markets over the last couple of years. Almost all DeFi funds and NFTs are currently based and traded on ethereum's blockchain.
Ethereum's upgrade will also see some ethereum tokens destroyed, or “burned”—limiting new tokens coming onto the market and, in theory, making the tokens scarcer. Earlier this week, Dan Morehead, the founder of $2.8 billion crypto focused investment fund Pantera Capital, reportedly predicted ethereum would eventually flip bitcoin despite expecting the bitcoin price to hit a whopping $700,000 per bitcoin in just ten years.
“You’ll see a transition of people who want to store wealth, doing it in ether rather than just bitcoin,” Morehead told the Reuters Global Markets Forum on Monday, it was reported by Coin telegraph. In June, the chief investment officer at $100 million digital asset investment manager Two Prime, Nathan Cox forecast ethereum will eventually “flip” bitcoin.
“In the long, long, multiyear timeline, yes, ethereum will flip bitcoin,” said Two Prime's Nathan Cox. “It's just now starting to be understood by the second tier adopters. Ethereum's utility alone will outstrip anything else.”
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