The recent surge in Ethereum’s price has been shocking, startling, and amazing at the same time. It was a breeze of fresh air for Ethereum supporters, while the Bitcoin supporters might have felt a little blow with such huge value gains by Ethereum.
Nearly a year ago, Ethereum was the underdog whenever discussed in the online cryptocurrency discussions. It always remained the “second” biggest cryptocurrency, but its price was never able to match or come even close to that of Bitcoin’s.
The end of the last year was great for Ethereum, but the start of 2021 has been fantastic. It has shown gains that completely belittle the gains made several times by Bitcoin in the past.
“Bitcoin’s takeover by Ethereum is not too far”, said Pinance CEO. According to him, “Bitcoin had always been a precarious investment for the world due to the technology that works at its foundation. The shift of the world towards a more eco-friendly atmosphere and the concerns of the climate change had kept the position of Bitcoin in danger since forever.”
It is not to say that Ethereum will completely dwarf and overcome Bitcoin and make it disappear, but you can’t really be sure about the happenings in the future. The current conditions of the market favor digital currencies as a whole. With more people making a move to the cryptocurrency world, which digital coin shows upward trend “now” can make all the difference.
To be specific, at the same time last year, Ethereum was trading at close to $200. As of writing this statement, the second biggest digital currency of the world is trading at $2,838. In simple terms, the price of the digital coin has gone by roughly 14 times higher within a year. Such are the gains that can and have turned early investors into millionaires.
It is not that you can say it every day that a digital coin rose by more than 1400% in just a year.
Despite the fact that Ethereum is making great gains and has a more paved path for it in the future, you can’t expect it to turn the tide on Bitcoin just like that. Keep in mind, Bitcoin is trading at a little more than $58,000 right now. So, irrespective of the sudden price surge, Ethereum is pretty far from taking the market from Bitcoin.
“If you take into consideration the value of network, Ethereum is far superior than Bitcoin. Don’t be surprised if you see the price of Ethereum going beyond the $10,000 in a few months to come,” says Pinance CEO.
As absurd as it may sound to some, people are becoming more responsible with the passage of time, in the wake of the pandemic. Lessons have been learned and a large population of the world does not want to contribute to the “destruction” of the planet anymore by hogging resources and heating up the climate.
This new shift in the point of view of the people has resulted in Ethereum gaining the central position on the stage while Bitcoin backers have to come up with a way to make theirs align with modern people’s requirements.