Ethereum has the potential to be bigger than Bitcoin and become the dominant crypto asset, according to a renowned market analyst.
Vitalik Buterin’s brainchild yesterday clipped $2,614 to mark a new all-time high in its near-six-year history, setting down a bright green marker as Bitcoin found reverse gear in what appears to be a period of momentum for alt coins.
While the price of Ethereum’s native coin – ETH – is still some considerable distance off the stern of the flagship BTC, the gap is slowly closing and Ether’s hold is overflowing with the kind of stores Bitcoin simply did not have at the same point on the map.
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This, according to eToro analyst Simon Peters, might be the telling signal that Ethereum has more than just the anecdotal potential to overtake the world’s most dominant cryptocurrency.
“Ethereum could certainly challenge Bitcoin for the number one spot among cryptoassets in terms of market cap, but it will be a few years yet before this could potentially happen,” he told Crypto AM.
“We must remember both tokens were created for different reasons. Bitcoin is a decentralised currency and Ethereum is a platform to build decentralised apps that make use of smart contracts.”
Although often seen as worlds apart, the fortunes of both Bitcoin and Ethereum have often run parallel as they reflect similar patterns of ebb and flow along the horizontal graphs that illuminate the puzzled faces of many traders across the globe.
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Lately, however, ETH has been planting its boots firmly on its own path. Over the last few weeks – arguably driven by BTC’s price surges – Ethereum has been quietly veering off the course of following the leader’s footsteps and, instead, building towards considerable growth within its own network.More potential <...