cryptocurrency

Analysts: Ethereum Will Finally Overtake BTC

Is Ethereum About to overtake Bitcoin?

Ethereum is getting bigger

That was the question on many analysts’ minds as the world’s second largest cryptocurrency by market capitalization and the number one competitor to Bitcoin that announced a few weeks ago that it was nearing a long-awaited merger. The process will involve converting Ethereum to Ethereum 2.0. The network transitions from PoW to PoS. This is claimed to make the blockchain stronger, faster and less expensive.

This was followed by massive investor interest, and it appears that Ethereum is rising faster than Bitcoin in recent times. At press time, the world’s number one digital currency – BTC – is up about 20 percent since its inauspicious dip below $20,000 in late June. This is a consistent number on paper, but it pales in comparison to the numbers seen in the world of Ethereum. The coin has risen more than 50 percent since its plunge in late June to below $1,000.

Many analysts are now warning of what they call “volatility,” the event in which Ethereum will overtake Bitcoin and become the world’s primary digital asset. That’s all he’s heard about lately, explained Matty Greenspan, founder of crypto-analytics research firm Quantum Economics. In a recent interview, he commented:

I can still hear people repeating the question, “Win [sic] fluctuation? Although there is no guarantee that this will ever happen, just by looking at the numbers it seems like this event is getting closer every day.

Joe DiPasquale, CEO of hedge fund manager Bit Bull Capital, stated that he is a fan of Ethereum and believes that it is very likely that the coin will rise exponentially through the ranks for the number one spot. He said:

We love ether, and we think it’s a major differentiating factor. Bitcoin was the hundred-pound gorilla, but ether really is another hundred-pound gorilla. Everything else lags behind.

Another big reason everyone thinks that Bitcoin will eventually be defeated by Ethereum is that the Federal Reserve has announced that it is looking to continue its rate hike patterns as a way to combat inflation. Every time the Federal Reserve does this, the price of bitcoin is affected, DiPasqual said:

since the next day [Federal Reserve interest rate meeting] In September, we will likely see increased volatility next month as speculators take their chances.

Proof of Stake might be the way to go

Talk about converting ETH to proof of stake has become stronger in recent years as climate change and energy demands among miners are two topics that continue to make waves in the industry.

Many believe that ETH is taking a huge step towards ensuring the safety of the planet without compromising innovation.

Tags: Bitcoin, Ethereum, Joe Dipasqual

#Analysts #Ethereum #Finally #Overtake #BTC

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