Will Ethereum Overtake Bitcoin?


Bitcoin (BTC) is the best-known cryptocurrency in the digital asset ecosystem and has dominated the industry since its inception. But now, with the recent rise of Ethereum (Ethereum’s blockchain currency), longtime investors and some enthusiasts predict that the second largest cryptocurrency will more than ever be able to outdo its longtime rival.

In cryptocurrency parlance, this event is called “flipping”. However, nothing says for sure that this will happen in the near future or if it ever will. The market capitalization of Ethereum (ETH) is currently around $ 210 billion. ; That’s just under half of bitcoin, and this comes after Ethereum’s recent spike, when its price jumped 50% in July.

Proponents of the Ethereum blockchain advertise it as a more mature and powerful version of Bitcoin, as it was devised by young programmer Vitalik Buterin in 2014 and launched about a year later. The Bitcoin White Paper was published online in 2008 and attributed to Satoshi Nakamoto, a name used as an alleged pseudonym by the person or group that developed Bitcoin.

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Ethereum has enjoyed renewed optimism in recent weeks

More than ever, Flippen fans are driven by an optimism bordering on passion, this is due to the upgrade approach called The Merge, which, as a reminder, is a very important new step for the Ethereum blockchain that will emerge from the Proof. of Work Type the system (proof of work in French) on Proof of Stake (proof of participation).

This change eliminates the use of mining to power the grid, making it more environmentally friendly and less energy-intensive. The update is expected to arrive in September after repeated refusals; and Ethereum developers recently announced that testing of the new system continues to move in the right direction. Community members will also benefit from a number of upcoming events in the coming weeks to prepare for this major shift.

Ethereum has gained just over 50% since mid-June. a development that has also affected digital assets linked to the blockchain, in particular some NFT suites. The most popular decentralized exchange Uniswap on the Ethereum network has grown 70% in the past month, according to Bloomberg analysts. Furthermore, according to data from the CoinMarketCap website, Bitcoin’s market dominance has dropped to around 40% from 70% in January last year.

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Joe DiPasquale, CEO of the BitBull Capital investment fund, said:

“We love the ether and think it is the key differentiator. Bitcoin has been the sacred behemoth of the crypto ecosystem for years, but Ethereum represents a game changer. The rest of the digital asset landscape is clearly not on the same level as these two. “

BitBull Capital took advantage of Ethereum’s recent volatility and made a series of purchases as the token went from $ 1,000 to $ 1,500 in the past week, strengthening its position.

Risk of loss of capital.

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