• Many cryptocurrency experts believe Ethereum will eventually overtake Bitcoin

  • The world’s most valuable digital currency by market cap has risen to just under $40,000 for the first time in well over a month, reigniting discussion about bitcoin during the past week. As fantastic as the news is, it’s easy to let bitcoin eclipse Ethereum and a slew of other crypto heavyweights, but one panel of experts refuses to dismiss competing altcoins.

    Ethereum Is Ascending the Financial Spiral

    Ethereum is the second-largest cryptocurrency by market capitalization and the most popular coin when compared to bitcoin. At the time of writing, the asset is trading for around $2,300 per unit, and experts predict that by the end of the year, the currency will have doubled its current value to over $4,600. They believe that in the following months, Ethereum will overtake bitcoin and leave it in the dust.

    Daniel Polotsky, the founder of the crypto ATM firm Coin Flip, is one of the panelists. He said in a recent interview:

    The price of Ethereum closely tracks bitcoin’s halving cycles, though this relationship may begin to sever as time passes and Ethereum develops use cases that bitcoin cannot. Its value may rise more quickly than bitcoin’s.

    Ethereum’s smart contract features are one of the reasons it has remained so popular. The network provides the infrastructure for a wide range of decentralized applications (dapps) as well as many of the new digital tokens entering the market.

    Furthermore, with the release of ETH 2.0 later this year, ETH has experienced a few adjustments. For one thing, many Ethereum coins that have been decommissioned will be burnt, making the network safer and more efficient, according to co-founder Vitalik Buterin.

    Token Metrics’ senior crypto analyst, Forrest Przybysz, agrees, saying:

    In terms of supply restriction, Ethereum’s proof of stake implementation later this year or early 2022 will result in deflationary supply, similar to numerous bitcoin halvings [cuts to bitcoin’s supply of new tokens]. This will make it a superior store of value to bitcoin, in addition to all of the other benefits it offers.

    Martin Frohler, the chief executive of crypto brokerage Morpher, offered a final compliment. He said in a statement:

    Ethereum has the capacity to power global financial infrastructure in the future.

    Not Every Thought Is Beneficial

    Despite the positive sentiments, not everyone on the panel was a fan of Ethereum, and some even believed that the commodity would never be able to compete with bitcoin. According to John Hawkins, an Australian lecturer at the University of Canberra,

    Ethereum, in my opinion, is a speculative bubble that will be pulled down by bitcoin.

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