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ETH 2.0 will help surpass Ether, Bitcoin

By
Redakcja
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3 min reading

Ether has more attributes and power than Bitcoin as an up-and-coming cryptocurrency and according to Pantera Capital’s CEO the latest EIP 1559 will support the token trade more like a fixed asset. In between the looming Ethereum London hard fork, Dan Morehead CEO of Pantera Capital forecasted that the upcoming upgrade would most probably help Ether (ETH) get ahead Bitcoin (BTC) as the biggest cryptocurrency. 

Ether has more attributes and power than Bitcoin as an up-and-coming cryptocurrency and according to Pantera Capital’s CEO the latest EIP 1559 will support the token trade more like a fixed asset. In between the looming Ethereum London hard fork, Dan Morehead CEO of Pantera Capital forecasted that the upcoming upgrade would most probably help Ether (ETH) get ahead Bitcoin (BTC) as the biggest cryptocurrency. 

Morehead believes that Ether has more capabilities in comparison to Bitcoin he also pointed out the latest Ethereum improvement proposal (EIP) 1559 upgrade has the power to support the digital token to trade more like a fixed asset. One of the five prominent EIPs in London upgrade, EIP 1559 is a much-awaited update to Ethereum’s existing fee pattern. By initiating a minimum payment for sending Ethereum transactions and ignoring a bidding system that lets miners to give importance to the highest bids. Generally made to programmatically adjust fees for users to pay the lowest bid for every individual block, EIP 1559 upgrade seems like an accurate idea to make Ether a deflationary asset. 

“You’ll see a transition of people who want to store wealth, doing it in Ether rather than just Bitcoin,” Morehead said this before he thinks cryptocurrency’s shift to Ethereum 2.0 is able to decrease Ether’s mining energy consumption levels in comparison to the one with Bitcoin. Ethereum’s large construction in decentralized finance applications makes it worthy to help Ether grow higher and better than Bitcoin, he said. Even after forecasting a successful future for Ether, Morehead is still concerned about the growth of Bitcoin in future he believes the future to be unpredictable. The CEO forecasted that Bitcoin would trade between $80,000 and $90,000 by the end of 2021, going higher than $120,000 within a year. The cascade of mainstream adoption could lead bitcoin price to increase as high as $700,000 possibly during the next decade or so. 

Ether was introduced in 2015 and it is the second most important cryptocurrency with a market capitalization worth $290 billion at the time of writing. It is meant to happen on Wednesday. The Ethereum London is considered as the most auspicious Ethereum upgrades created to transcend blockchain from proof-of-work to proof-of-stake which basically means the network would lean on staking instead of mining. On the other hand, Bitcoin relies on the PoW consensus algorithm. Morehead is not the only one who believes that Ethereum could get ahead of Bitcoin in the near future. As Mike Novogratz, founder and CEO of crypto investment said ether has the power to turn into the “BIGGEST CRYPTOCURRENCY ONE DAY.” 

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