Ethereum to overtake Bitcoin? Perhaps, according to Pal

Ethereum

During the course of yesterday’s trading, Ethereum took advantage of Bitcoin s weakening dominance to bag an all-time high.

Despite the bearish turn, the second-leading cryptocurrency took today, Ethereum saw a bullish rally to reach a record $2,600 USD for the first time ever, enjoying nearly 10% gains in daily trading. This, amidst a tumble that Bitcoin and the rest of the cryptocurrency market were seeing.

While Ethereum has since corrected with a nearly 11% decrease – a bearish fall after the brief rally – analysts are remaining bullish about the health of the altcoin. With DeFi, NFTs, and other projects reliant on Ethereum, it’s likely that this respite is a temporary one with a bullish spike plausibly on the way again.

Alt season

As reported yesterday, Bitcoin’s dominance has taken a major knock. Since then, it’s fallen below 50%. Experts predict that this figure represents the start of “alt season”, where the altcoins in the market see floods of fresh investors and trading volumes. Historically, Bitcoin’s break in dominance has been picked up with altcoin’s seeing green.

While this might be the case, the market is looking red currently with few tokens seeing gains at the time of writing.

Source: Coin360

Ethereum – about to see a possible breakout?

According to Real Vision CEO Raoul Pal, Etheruem might be headed to overtake Bitcoin in adoption, use-case and possibly value. He told his Twitter followers:

In the thread, he continued on:

When you price anything up in DeFi, NFT, community tokens or even metaverse worlds, everything is basically priced in ETH, including designers time etc. ETH is rapidly becoming the currency of the digital world and BTC is the pristine collateral and base layer.”

Related Articles

Nigeria Urged to Regulate Cryptocurrency to Take Financial Crimes

Adedeji Owonibi, mentioned that lack of regulation in Nigeria’s crypto space permits various practices to go unmonitored.

US AI Safety Consortium Emerges with Industry Giants

The United States released an all-star list of tech companies that will participate in its AI safety consortium.

Unlocking the Potential: Using Stablecoins for Everyday Transactions

Discover the ease and security of utilising stablecoin in your daily transactions, revolutionalising the way you handle digital payments.

South Korean Crypto Criminals to Face Life Imprisonment

South Korea announced that criminals that make more than 5 billion won in illegal crypto profits will face life imprisonment.

See All