I have recently held the opinion that Bitcoin will remain the benchmark of the crypto world and all others will be judged against it. Though, this does not necessarily mean it will be the coin of the future. It will simply remain the standard based on its firstestness, longevity and popularity.
(I made up the word firstestness)
But, is Ethereum ready to take Bitcoins place as the coin of utility? Let’s look at some recent trends and points and see:
- During the recent downturn, Ethereum held up a little better. While historically, other crypto usually drops more than Bitcoin, this time, Ethereum dropped only 39 percent, while Bitcoin saw around a 50 percent drop.
- In January, Ethereum settled more value that Bitcoin, the first time that has happened. CoinMetrics reported that Ethereum’s adjusted transfer value was above $19 billion on Feb. 4, this was its highest level ever. The new high is due in most part to a surge in the transferred amount by Ethereum smart contracts.
- Ethereum is also generating much more than bitcoin in terms of transaction fees, which isn’t so good for users, but is for network value. Cryptofees currently reports that ethereum generates over 80% more than bitcoin in seven-day average fees.
- The gas-saving upgrade that has been long awaited for Ethereum could be as soon as a few months from now according to industry insiders. Developers are looking at some time in July to launch EIP-1559. See link for more.
- Seed investor Daniel Cheung had this to say on the subject, “ETH and ETH-DeFi will have an unprecedented run over the coming months given: ETH could flip BTC soon based on strong fundamentals.”
Thanks for reading. And remember, my typos mean it's original content.