Home
News
- Ethereum and Bitcoin debate has continued in the cryptosphere
- Morgan Stanley believes Ethereum has more potential than Bitcoin
- Many believes ETH can take over the dominance of BTC
- Proof-of-Stake helps ETH stay green and shielded from energy concerns
- Demand for Ether among institutions is soaring heavily
Ethereum and Bitcoin are the two leading crypto assets in the entire market. Many around the world debate regarding which coin is the most profitable. However, the volatile coins have seens skyrocket in price. Hence, both the coins have heavily featured in the news, with many comparing the profitability issues.
Morgan Stanley is one of the major US banks offering capital related services to the government , corporations, and individuals. The bank has recently added crypto trading features for its qualified clients. Notably, the bank has been observed backing Ethereum more than Bitcoin.
Morgan Stanley sees potential in Ethereum
Ethereum is currently the second largest crypto asset in terms of market cap, as per CoinMarketCap. Notably, Ether has outperformed in comparison to Bitcoin since the beginning of this year. Where Bitcoin has risen by more than 37% since January 2021, ETH is up by more than 240%.
Read More: Possible impacts of EIP 1559 code change on Ethereum
On the other hand, Morgan Stanley has also observed that the trading volume of ETH is higher than those of BTC despite the market cap of BTC being more. Following the scenario, the bank claimed that Ether is a better performing asset than BTC. Moreover, the experts of the bank believe that ETH can reign over the BTC.
Will Ether ever take the dominance of Bitcoin?
Bitcoin is the largest and most popular cryptocurrency in the entire crypto market. Despite being so large Ethereum is seeing more better years. Indeed, there are a number of reasons that help the coin surge.
Read More: Ethereum seems will take Bitcoin’s dominance in the crypto market
Use of Ethereum blockchain by the DeFi protocols is one of the major reasons that boosts the coin. In the current scenario, there are more than $8.5 billion ETH coins locked in the sector. Moreover, more than 3k decentralized applications (dApps) have been built on the Ether blockchain. However, these are the only factors that helped coins to increase their utility and trading volume.
Ether is energy efficient
Ethereum has also been claimed to be energy efficient due to its Proof-of-Stake (PoS) consensus. The Ether community believes that PoS shields the network from concerns due to energy.
Read More: Proof of Stake (PoS) to reduce energy consumption in ETH mining
Where Bitcoin uses Proof-of-Work (PoW) consensus which requires heavy power, many globally concerns due to its environmental impacts. However, experts believe that PoS helps reduce the energy consumption by more than 99%. Hence, PoS helps to make Ethereum green.
Institutional demand for Ether is soaring
Goldman Sachs, the leading global investment bank has also announced that it will soon offer Ethereum options and future trade to its clients. Likewise, the cryptocurrency is now receiving preference from institutional investors as a means of diversifying their holdings from BTC.
However, fresh demand for ETH from institutional investors has certainly booned. On the other side, the promise of Ethereum 2.0 for making the platform more scalable, is also helping the network gain more value.
