The change in market capitalization, price, and trading volume as the merger announcement has been made.
- Ethereum shifts in terms of market capitalization.
- The change will also affect the market and other cryptocurrencies.
- Bitcoin’s Market value is double that of Ethereum.
Amid the scale crypto news and other significant cryptocurrencies debate, Ethereum is ready to flip the cryptocurrency market with its most awaited proof-of-stake upgrade.
The world’s second-largest cryptocurrency in terms of price and market capitalization is reaching its all-time high after announcing the upgrade of the popular network Ethereum.
Ether’s current market cap is $191.68B, half the bitcoin marketing cap. Yet believers think that all will increase the possibility of Ethereum overtaking bitcoin – sooner or later.
In the crypto world, it’s known as “flipping.”
Since Santoshi Nakamoto officially launched the day bitcoin, it has been the most prominent cryptocurrency to date, it has been predicted that one-day other cryptocurrencies will take over the bitcoin, and this sudden movement is known as “flipping.”
Ethereum has seen a significant surge in recent weeks as soon as its most popular update was announced.
After the announcement, there was a heat wave around the crypto corner after the announcement. Now Ethereum is soon moving close to its most anticipated update.
Ethereum seems more functional than Bitcoin
To experience exponential growth, Bitcoin seems stationary, while the recent developments of Ethereum Blockchain have improved the functionality of assets compared to its competitors.
Currently, the primary function of Ethereum is to become a store of wealth for investors, and here, Ethereum boasts a programmable Blockchain, which is becoming a new hub for investors.
The Crypto ecosystem welcomes advanced decentralized apps, NFTs, and other digital tools. Ethereum became the center yard for a brand new vibrant landscape. Here, if we talk about the total number of decentralized apps on the Ethereum network, the figure has reached over 3000, continuously rising.
Ethereum is considered a highly functional place for decentralized apps and services; the network is expected to grow continuously in the Web 3.0 and Metaverse era.
Ethereum and Bitcoin’s current market cap:-
The upgrade announcement has dramatically hiked Ethereum prices; Bitcoin and Ethereum work on the same technology. Ether has seen over 50 % growth till mid-Jun, and Ethereum has surged in the current months.
Skale crypto news sources confirm that most cryptocurrencies have seen drastic movement after Ethereum. The current price momentum proves why this is a chance to take over bitcoin. Meanwhile, bitcoin dominance has dropped more than 40%, as per some data sources.
The new proof-of-stake will likely be introduced in September, affecting most cryptocurrencies and bringing a more efficient system. Developers have recently made a signal of the current systems.
Many analysts say flipping is likely possible; dynamic change will bring many positive outcomes for Ethereum’s future. Merge is a highly active move for Ethereum; risk can equate to higher returns, as always in the market. While the flipping can impact bitcoin, it could also affect the position and pricing of other cryptocurrencies.
In between all the discussions, Henry Elder, head of decentralized finance, also spoke on Ethereum Merge; he said Merge is overhyped and will not significantly impact the ETH price.
However, it’s an unexpected change from the technological wise, which will provide an efficient system. 99.9% of users will not experience any significant difference even after new software implementation.
Will Ethereum surpass Bitcoin?
Ethereum network comes with various new upgrades, and the Ether token has been popular over the years. Last year, the price of Ethereum saw a tremendous upward movement.
For now, experts believe that Ethereum overtake Bitcoin in subsequent years. But, it is impossible in the upcoming few years because Bitcoin has gained an excellent reputation and has the largest market cap in the ecosystem.
Today, there is a big difference in the price of Bitcoin and Ethereum, but people still expect that Ethereum can overtake Bitcoin. Let us know some of the main reasons people are saying this.
Ethereum is a programmable Blockchain, which is the biggest reason for such expectations. The network is bringing various upgrades to simplify technology for the user’s convenience.
Ethereum also allows users to buy and sell Non-Fungible tokens, which is getting very popular nowadays on the Internet. Yes, NFTs can be traded online in cryptocurrencies, but Ethereum is the only Blockchain network that allows selling and trading NFTs.
Earlier, Bitcoin was taking significant advantages because of its proof-of-stake mechanism, which builds trust among investors. However, with the new upgrades, Ethereum 2.0 also brought a proof-of-stake system, making transactions faster.
These are why people think Ethereum overtake Bitcoin in the subsequent years and bring its top position in the crypto market.
Conclusion
The future of blockchain technology is bright, and the more it is adopted, the more it will prove itself as a revolutionary way to do business. However, it is hard to tell which currency will be widely used.
Bitcoin has been around for a long time and is currently the most widely used. But today, Ethereum is gaining momentum, and many companies and organizations have begun accepting Ethereum as a payment method. So one day, we will see these two fighting as the most widely used crypto-currency.
FAQs
1. Is it possible for Ethereum overtake Bitcoin?
Ethereum is coming up with some new upgrades, which is bringing it towards success. Now, Ethereum can outrank Bitcoin in the medium or long term.
2. Which crypto can surpass Bitcoin?
Bitcoin is currently leading in market capitalization and showing its highest value. However, Ethereum and Solana are also innovating at a much faster pace. Ethereum has already proved its utility, and because of the merger, it will play a crucial role in surpassing Bitcoin.
3. Is Ethereum going to skyrocket?
If we talk about long-term investment, Ethereum can be a great choice because of showing positive results. Moreover, with some new upgrades, Ethereum is forecasted to increase in the short and long term.
