According to the September issue of Bloomberg Galaxy Crypto Indices (BGCI), it is very likely that the leading altcoin Ethereum will soon replace Bitcoin and become the leading cryptocurrency. The report highlights that Ethereum led the DeFi revolution and played an important role in making the dollar the “primary global currency” as rails facilitated the Tether (USDT) stablecoin that followed the dollar.
Leading altcoin maximalists are confident that Bitcoin’s reign at the top is over
A few key market players have long held this stance. A while ago, deVere Group CEO Nigel Green stated that Ethereum could achieve this feat within 5 years. Nigel Green expects this to happen as he believes Ether has more real use potential compared to Bitcoin.
More recently, leading altcoin supporters have highlighted that Ethereum could reach this milestone faster than expected. As key players noted, the growing interest of institutional investors in the second-largest cryptocurrency could facilitate the takeover of leadership more than anything else. While Bitcoin is seen as a good competitor, the notion that institutions see Ethereum as a form of money with its own digital economy is widely shared among Ether watchers.
Pointing to several institutions that have made significant entrances to the Ethereum market, including Grayscale, Ark Invest, and Standard Chartered, proponents explain that this recognition is spoken of as Ethereum now has higher growth potential and offers a higher risk-reward ratio than Bitcoin. Also, it has become a trend for some investors to use Ethereum first, as Grayscale did.
Bitcoin and Ether advocates continue to clash
cryptocoin.com As you can follow in the news, the tension between the leading crypto and leading altcoin supporters continues to increase. Recent comments from Ethereum founder Vitalik Buterin further escalate the rift. According to previous reports, Vitalik Buterin describes El Salvador’s adoption of Bitcoin as a legal currency as a power grab aimed at gaining the favor of President Nayib Bukele’s overly complacent Bitcoin maximalists.
Vitalik Buterin stands behind his analysis despite criticism from the Bitcoin community. In particular, Blockstream’s CTO, Bitcoin advocate Samson Mow, claims that Vitalik Buterin was only angry that El Salvador chose Bitcoin over Ethereum. However, Vitalik Buterin states that his analysis is unbiased, as he has also criticized Ethereum in the past.
However, Ethereum maximalists still seem confident that Bitcoin’s dominance is over. In the comments after Ethereum approved the updates regarding ETH 2.0, it was declared that Bitcoin is already dead. Another observer describes the prospect as the worst nightmare for Bitcoin maximalists, noting that Ethereum will surpass the market cap of gold before Bitcoin.
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