- Active Ethereum wallets with a balance over 1ETH have seen significant growth and surpass the growth of active Bitcoin wallets with over 1 BTC in balance
- The Blockchain Centre, A german site, suggests that Ethereum is already halfway towards overtaking
- The Flippening Index between Ethereum versus Bitcoin is at 53.3%
The debate between Ethereum and Bitcoin supporters is an everlasting one. Recently, Nick Tomaino, Founder of 1confirmation, added new insights to the topic. On October 9, Tomaino tweeted that the number of increasing Ethereum wallets with over 1ETH shows signs that it can be the gateway cryptocurrency in the future.
Since early March, the crypto-market has been on a wave from the volatility that makes it rethink the market to jump right away, not to forget the crazy DeFi boom that everyone is riding on or wants to. Amidst this, the growth in the active Ethereum wallets was overshadowed. As per Tomaino’s tweet and the data showed in it, the active Ether wallets with a balance over 1ETH have seen significant growth and surpass the growth of active Bitcoin wallets with over 1 BTC in balance.
Ethreum to Overtake Bitcoin
The Blockchain Centre, A german site, suggests that Ethereum is already halfway towards overtaking. The Flippening Index between Ethereum versus Bitcoin is at 53.3%. The index has crossed the mark of 50% the first time in the past 18 months. In March 2019, the index recorded 56.2%. Originally the Flipenning Index measured only the tokens’ market capitalization, but at present, the index is generated on the weightage of the eight indicators.
1confirmation and Tomaino believe the same. In another tweet, Tomaino said Bitcoin could be the gateway for institutions, but Ethereum remains the gateway for the people. And the gateway fro the institutions might change in the future. He further commented that a clear picture of whether the increase in the Ether wallets with >1ETH is simply a blip or a lasting trend in a year.
Role of DeFi in Ethereum Growth
Decentralized Finance (DeFi) is already a roaring market of $8 billion and is currently testing the Ethereum platform. The surge in demand for the smart contract has already made users shit towards Ether. This has already resulted in an increase of $500,000 in the miner’s profit of processing fees. The increased demand has also led to the surge in the gas fees for Ethereum transactions. The increase in prices is blamed at ethereal traders, a market that has risen to $9 billion in value in three months.
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