Bitcoin, the world’s largest cryptocurrency, has always prevailed in the land of digital assets. But now, the dazzling rise of the leading altcoin Ethereum (ETH) is eclipsing BTC. So, will this situation continue like this? Some expect ETH to topple Bitcoin. Here are the details…
Could the leading altcoin be the “leading cryptocurrency”?
According to Arca’s Bodhi Pinkner, it’s “quite possible” for Ethereum to topple Bitcoin. Pinkner points to the Merge event, which is expected to take place in September. She predicts that the second largest cryptocurrency after this shift will become deflationary. As Cryptokoin.com also reported, Ethereum will finally switch from Proof of Work to Proof of Stake after years of delay. Earlier this month, Lucas Outumuro, an analyst at cryptocurrency research firm IntoTheBlock, predicted that ETH’s issuance would fall between 0.5 percent and 4.5 percent.
This means that Ethereum will become even more scarce. This gives ETH an edge over Bitcoin. The fact that the circulating supply of the cryptocurrency will continue to decline bodes well for the price of the cryptocurrency.
Ethereum rises 50 percent in a month
Ethereum has gained roughly 50 percent since mid-June. Meanwhile, Ethereum-related assets also paved the way. Uniswap, the most popular decentralized crypto exchange on Ethereum, has gained nearly 70 percent in the past month, according to data. Meanwhile, Bitcoin’s dominance has dropped to 40 percent, according to CoinMarketCap. Arca analyst Bodhi Pinkner also used the following statements:
We have a positive view of Ethereum. It will be a deflationary entity. Thus, the changing dynamic indicates that Ethereum will theoretically improve compared to Bitcoin, especially in the tightening environment.
The value of the ETH/BTC pair also increased
Of course, this is not a new development. The crypto audiences have long been looking for signs that Bitcoin’s dominance may dwindle as other projects and tokens emerge. Also, although work on Merge has been going on for years, it has been delayed multiple times. It was last expected to happen in June, but has been delayed once again. The ETH/BTC pair is up nearly 34 percent last month due to the excitement generated by the much anticipated Merge upgrade.
Still, the pair fell more than 12 percent from the year’s high of 0.82. It is also worth noting that the ETH/BTC pair has dropped as much as 54 percent from the record level achieved in June 2017. At the time of writing, Bitcoin is trading at $23,295, down 1.9 percent. Ethereum is changing hands at $1,685, down 0.6 percent.
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