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Home»ETHEREUM NEWS»Analysts say it’s only a matter of time before Ethereum overturns Bitcoin. Here’s why:
ETHEREUM NEWS

Analysts say it’s only a matter of time before Ethereum overturns Bitcoin. Here’s why:

By Crypto FlexsMay 29, 20243 Mins Read
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Analysts say it’s only a matter of time before Ethereum overturns Bitcoin.  Here’s why:
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In 2017-2018, there was a debate as to whether Tron would overtake Ethereum and take second place. But looking at how the situation unfolded, the debate has been resolved.

Ethereum is the most dominant smart contract platform. But that hasn’t stopped analysts from comparing Bitcoin to the world’s most valuable altcoin.

Will ETH finally overtake BTC?

With X, one user opinion It only takes time for Ethereum to overturn Bitcoin as the cryptocurrency leader. Citing a number of factors, the analyst said Ethereum is better positioned to take over as the original cryptocurrency, pointing out, among other things, its larger user base and the benefits that smart contracts bring to the equation.

Ethereum overturns Bitcoin | Source: @delzennejc via X

Looking at CoinMarketCap dataBitcoin’s market capitalization is over $1.3 trillion, and at the time of writing on May 28, each coin is trading for over $68,000 at the spot exchange rate. Meanwhile, Ethereum ranks second.

Although the gains were significant compared to Bitcoin, which was the best performer last week, each coin is trading above $3,800. At this level, the market capitalization is over $465 billion.

Comparing the two, Bitcoin is approximately three times more valuable than Ethereum. Despite its larger market cap due to its first-mover advantage, one analyst believes Ethereum is superior.

For example, observers have said that Ethereum has a much larger user base than Bitcoin. The wider user base is due to developers being able to launch protocols on the platform. Some of the most popular services, such as Uniswap and Aave, generate more daily fees than Bitcoin.

Apart from this, the analyst said that Ethereum acts as a store of value and a medium of exchange. These features give it many advantages over Bitcoin, which exists only as a transaction layer for the trustless and cheap movement of value across borders.

From an infrastructure perspective, analysts claim that becoming an Ethereum validator is easier than operating a Bitcoin mining rig. Over 1.9 million Ethereum validators have staked at least 32 ETH to validate transaction blocks and have a chance to earn rewards. On the other hand, Bitcoin mining requires specialized hardware. Mining equipment is generally expensive and scarce.

Spot Ethereum ETF Listing Approval and Security Issues

The U.S. Securities and Exchange Commission’s (SEC) decision to approve the listing of a spot Ethereum exchange-traded fund (ETF) is optimistic, but it is not yet clear whether ETH is a security or a commodity. In comparison, Bitcoin is more clearly designated as a commodity.

Ethereum price is trending upward on the daily chart |  Source: ETHUSDT on Binance, TradingView
Ethereum price is trending upward on the daily chart | Source: ETHUSDT on Binance, TradingView

The US SEC has not explicitly declared ETH a security. However, ConsenSys recently sued the institution, claiming that it internally considers ETH a security. Conflict is arising as the Commodity Futures Trading Commission (CFTC), a sister agency of the SEC, classifies ETH as a commodity.

As the debate continues, analysts claim that the Commission will approve ETH as a commodity once it approves the Form S-1 registration.

Featured image from Canva, chart from TradingView

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