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Among cryptocurrencies, there are different competing factors that help one crypto asset grow more than others. For instance, the smart contract capability of Ethereum has made it the second leading cryptocurrency by market cap in the world today.
In addition, the blockchain’s transition from PoW to Pos is most probably going to be the pivotal step for the whole ecosystem of Ethereum. It will most likely grow the use-cases of ETH.
However, Bitcoin remains to be the number one cryptocurrency. Though the war between the two leading cryptocurrencies continues.
The Battle Between World’s Leading Crypto Assets: BTC vs ETH
Bitcoin and Ethereum hold the no.1 and 2 position by market cap in the cryptocurrency market.
But, many are now speculating that Ethereum can replace Bitcoin as the number one crypto asset by market cap given the new bullish trends rising for the largest altcoin. Bitcoin has received price dominance against its arch-rival.
In the graph above, the ETH/ BTC ratio, Santiment tweeted ‘of 0.074762 on Friday came within millimeters of an 8-week high of 0.074878.’ This figure is the largest ratio count for ETH/BTC since 4 February. Besides, the top 10 whale addresses still hold a notable percentage of the supply.
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The rise could also be seen in the Bitcoin dominance chart. In comparison to Bitcoin’s share rise of 42%, the ETH’s share increased by 18.64%. Various bullish attributes surrounding ETH such as the ‘Merge’ had a huge role to play. In just the span of seven days, more than $30 billion got pumped into Ethereum’s market cap.
Holders Too Kept Their Share
Meanwhile, Holders without any intention to sell their shares kept them. Over the past two weeks, more than 1.2 million ETH exited exchanges as per the Ethereum on-chain data. In a week, the Ethereum Exchange Reserve came down to 23.5 million ETH from 24.7 million ETH, dropping by 5% (1.2 million ETH).
However, these positions can further help in Ethereum’s rise over Bitcoin. Therefore, Proponents are adding ETH to their portfolio instead of Bitcoin.
One such example is the co-founder and CEO of BitMEX, a crypto exchange platform, Arthur Hayes. Hayes in a latest blog said that Ethereum can be used as an asset of the planet’s largest decentralized network rather than a cryptocurrency that can only be used as money.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
