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Ethereum Will Overtake Bitcoin Sooner Than We Think To Become Number One

November 7, 2021 /
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Ethereum has been one of the most consistent coins in the market. Ranking as number two, it continues to perform better with time.

Since its inception, Ethereum has been in the shadows of Bitcoin as the number one coin in the market. This has seen the coin remain as the best performing altcoin for a long time. However, could this be about to change soon?

Ethereum

Some analysts believe it is just a matter of time before Ethereum takes over the market as the leading coin in market valuation. This is informed by the number of utilities it offers in comparison to Bitcoin.

Some of the factors that could enable this include;

Why Ethereum Price Could Hit $10,000 By December

Reduction of Supply.

Recently, Ethereum implemented a network update meant to ensure the coins supply reduction is in place. This is known as the London hard fork update. Since its implementation, coins worth over $ 1 billion have already been burnt and the process continues.

This will greatly help in boosting its price and value in the long term. Although the supply of Ethereum could never match that of Bitcoin at 21 million coins, it could get lower enough to give it more value.

The price per coin is still almost 10% of that of bitcoin. With the current supply, it needs a price of at least 30% of Bitcoin to topple in the total market cap.

This is possible as Ethereum creates newer utilities and continues to revolutionize the industry.

Ethereum NFT Utility

Ethereum was the first network to introduce the use of blockchain-supported Non-fungible tokens in 2015. Since its inception, this market continues to thrive as more people find value in transacting digital assets.

Currently, more networks are launching their own NFT tokens to compete with Ethereum. this is an indicator it is gaining attraction and could become among the biggest value givers in the crypto market.

So far there has been no objection by regulators to the development of NFTS. Hence, this could act as an accelerator in the growth of this industry. With Ethereum leading the pack, it is helping its price and value sour to become number one in the market.

Three Key Reasons Why You Should Buy Ethereum

Decentralized Finance Development

Blockchain is enabling the decentralization of financial services with Ethereum again leading the market. This refers to the concept of offering financial services such as lending solutions openly and securely.

It has been made possible through the use of blockchain technology and is fast gaining attraction. Decentralization of finance is helping deepen financial inclusion. A challenge that has remained persistent more so in the developing nations.

It is assisting more people to access formal financial services. Growth in the use of decentralized finance is a key element in boosting the value of Ethereum and possibly making it the leading cryptocurrency in market valuation.

Future of Ethereum

As the crypto market expands, there is no doubt that it is among the best-placed coins to take market leadership. However, this will not be easy as it has to overcome some challenges such as high gas fees and market competition.

However, it is currently the only cryptocurrency with a chance of challenging bitcoin to the first position in the market.

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