- Ethereum is rising up as the main cryptocurrency.
- Ethereum saw higher increase in prices against Bitcoin since March 2020.
- Eth20 upgrades are causing the crypto to soar higher.
- ETH is likely to take precedent as the cryptocurrency of the masses.
Ethereum (ETH), the queen of cryptocurrency, makes its final moves towards the Ethereum 2.0 upgrades Ethereum adoption’s likely-hood as the leading cryptocurrency continues to increase. The recent cryptocurrency boom that commenced taking shape from December 2020 has pushed both the king and queen to new heights.
ETH has jumped from $112 in March 2020 to the current price level found near $1800; Bitcoin (BTC) has jumped from $4800 in March 2020 to the present highs found near $46000. On the other hand, where BTC saw almost 10 fold increase in price ETH saw over 16 folds increase in price since March 2020.
Market Capital: Ethereum vs Bitcoin
Bitcoin is the apple of the Wall Street investor’s eye right now. The king of cryptocurrency is booming with excellent raises, as high as 2.4 folds since 1st of December 2020. BTC market capital rose from $345 billion to the present $865 billion as of right now. Yet, ETH is displaying better results even when it comes to market capitalization. Since December 2020 ETH has seen an over three folds (3.06) increase in the market capital jumping from $66 billion in December 2020 to the present $202 billion high.
It appears that despite becoming the 6th largest currency in the world and the “digital gold” in the current cryptocurrency rush, BTC is finally losing the battle to ETH after almost a decade of competition. ETH is finally taking momentum as the cryptocurrency of choice since the queen is a far better investment option for newbies and daily traders looking to get onto the crypto bandwagon after the recent rush that put cryptocurrencies on the mainstream media’s radar.
Ethereum 2.0 for Proof of Stake
ETH is now moving towards the proof of stakes (PoS) concept where each coin is backed by tangible collateral rather than the computing power attached to the network as in almost all major cryptocurrencies. By 2022, the queen would be taking steps towards the Beacon Chain concept and become the leading PoS cryptocurrency.
Bitcoin is volatile and shall the network crashes investments made during the rush can drop as low as 50 – 80 percent. Bitcoin is anonymous, turns the governments’ eye towards criminal activities and some third world countries are still forced to ban the king despite the Wall Street investments pouring in now. Nigeria was preparing a blanket ban on Bitcoin while Elon Musk’s Tesla was preparing to pour $1.6 billion into the network. That speaks volumes for itself, while the central bank digital currencies concept is quickly taking precedent over cryptocurrencies.
Since December 2020, it appears that the governments across the globe are silently speeding up to the level while the investors celebrate their new-found Gold. At worst, we can expect a blanket ban on cryptocurrency and even a huge drop in prices shall China decides to cut off the mining power to the network. China is believed to have control of as much as 50 percent of the total Bitcoin mining power. On the other hand, the World Economic Forum is also actively campaigning against high Carbon emitting businesses, leading to another reason for a ban. If such a scenario rises, Ethereum’s PoS move will prove vital for the cryptocurrency realms existence.