With Ethereum continuing to show a lot of gall and hutzpah during this current bear market, many are wondering if the asset will eventually become the world’s most powerful cryptocurrency by market cap. As always, bitcoin is still in the number one spot, but Ethereum is continuing to show heavy promise, and Wall Street along with several retail players are experiencing more interest in the asset.
Ethereum Is Gaining Serious Momentum
Ethereum is the second largest cryptocurrency by market cap and the number one competitor to bitcoin. Arriving on the crypto scene six years ago, the asset has garnered a solid reputation amongst developers looking to establish new coins and decentralized applications, or dapps, as they are known. While it does not have the size and strength of bitcoin, many believe its network is more adaptable due to its abilities with smart contracts.
Over the past year, bitcoin has rallied by about 300 percent, which while solid, is small when compared with Ethereum, which rose more than 1,000 percent. Currently trading for about $2,500, the currency has experienced a heavy dip alongside bitcoin, though to be fair, this dip is still considerably less than what BTC has endured. This is making many individuals wonder if Ethereum has somehow become more stable than its “dad.”
Nathan Cox of Two Prime fame said in a recent interview:
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.
Cox is not the only person who believes that Ethereum is harnessing a hidden power. Over the past few months, many analysts have emerged to claim that ETH will one day eclipse bitcoin to earn the number one spot on the crypto ladder. Mike McGlone, for example, is an analyst with Bloomberg that stated this very idea in early June, while financial giant Goldman Sachs had previously issued a new report claiming that bitcoin will one day lose its position to Ethereum.
Will Things Get Bullish Again?
Either way, though Ethereum and bitcoin are continuing to experience additional price dips even at press time, many financial experts believe that the bulls are about to enter the fray once again. Paolo Ardoino – the chief technology officer of crypto exchange Bitfinex – said in an interview:
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.