• Ethereum (ETH) soars to $3000 as crowd sentiment outnumbers Bitcoin

  • The Ethereum (ETH) bulls have raged on, pushing the ETH price all the way up to $3000. As of press time, Ethereum is trading 8.34 percent higher at $2977, with a market capitalization of $344 billion. The price of ETH has surpassed $3000 for the first time since May.

    The massive rally coincides with the excitement surrounding the Ethereum London hardfork, which paves the way for the implementation of Ethereum 2.0 Proof-of-Stake (PoS). The implementation of EIP-1559 and the fee reduction are likely to fuel the Ethereum blockchain’s DeFi activity.

    With this incredible price increase, Ethereum continues to dominate all cryptocurrency discussion rates. On the other hand, Bitcoin-related discussions have reached a one-month low, according to on-chain data provider Santiment.

    Will Ethereum be able to outperform Bitcoin?

    The most heated Bitcoin vs Ethereum debate erupts once more. There is a lot of talk in the crypto space about Ethereum (ETH) outperforming Bitcoin after the full launch of Ethereum 2.0.

    Pantera Capital CEO Dan Morehead stated earlier this week at the Reuters Global Markets Forum that the upcoming upgrade will help Ethereum outpace Bitcoin. Because Ethereum will be transitioning from the existing Proof-of-Work (PoW) model to the Proof-of-Stake (PoS) model, Ether’s energy consumption will be significantly reduced.

    Morehead believes that this will increase Ether’s widespread adoption in decentralized finance (DeFi) applications, allowing Ethereum to surpass Bitcoin. “You will see a shift of people who want to store wealth in Ether rather than just Bitcoin,” he said.

    So far this year, Ethereum has outperformed Bitcoin by a wide margin. While Bitcoin has a year-to-date return of 30%, ETH is trading at 4x or a staggering 300% return as of the current price.

    The London hardfork has raised Ethereum developers’ expectations of a more advanced platform. As Vitalik Buterin stated, Ethereum 2.0 is expected to be released by the end of this year or early in 2022.

    What's your reaction?