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Ethereum might turn over bitcoin

By
Redakcja
-
3 min reading

Bitcoin’s (BTC) market capitalization went higher than $800 billion after a 13% rise in two days. This is the highest value that has reached in the last 79 days. During this time, Ether (ETH) gained a 45% profit in two weeks-time by putting the network’s market capitalization at $340 billion.

Bitcoin’s (BTC) market capitalization went higher than $800 billion after a 13% rise in two days. This is the highest value that has reached in the last 79 days. During this time, Ether (ETH) gained a 45% profit in two weeks-time by putting the network’s market capitalization at $340 billion. 

They have been optimistic for the London hard fork and its potential deflationary effect which had a strong role, but there are some investors who continue to question how Ether’s valuation point against Bitcoin. Dan Morehead, CEO of Pantera Capital is looking forward to see Ether get ahead Bitcoin and become the largest cryptocurrency. There are many market participants who have been excited after Minneapolis Federal Reserve President Neel Kashaki said that the fed may support the asset-purchase program a bit longer. The reason that was given for the Delta variant’s spread and the chances of it to affect the labor market was, “Delta could discourage people from returning to jobs that require in-person interaction and keep kids out of schools.”  

Expanding the energy for longer increases the chances of inflationary risk this leads to increasing the attractiveness of scarce assets like real estate, commodities, stocks and cryptocurrencies. Nonetheless, this affects the macroeconomic changes which equally affect Bitcoin and Ether. While putting together some of Ethereum’s metrics and comparing them it acknowledges Ether’s 58% discount. The initial move should be to measure the number of active addresses, without adding the low amounts. Bitcoin has 6 million addresses worth $1,000 or higher and 3.67 million have been made since 2020. On the other hand, Ether has less than half at 2.7 million addresses with $1,000. Also, Altcoin’s growth has slowed down with 2.4 million created since 2020. 

The metric is 55% lower for Ether and this highlights the market capitalization gap. Nevertheless, this analysis doesn’t know how much huge investors have invested. Even though there is no good method to calculate this number, measuring cryptocurrency exchange-traded products could be a good proxy. Also, one should always compare the futures markets data. Open interest is the most accurate metric of professional investors positions as it calculates market participants total number of contracts. Nevertheless, three metrics analysed suggest that Ether’s upside, when priced in Bitcoin doesn’t point towards a “flippening” anytime soon. 

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