Ethereum (ETH) Shoots To $3000, Crowd Sentiment Overwhelms Bitcoin

Do repost and rate:

The Ethereum (ETH) bulls have continued to rage in pushing the ETH price all the way to $3000. As of press time, Ethereum is trading 8.34% up at a price of $2977 with a market cap of $344 billion. It is for the first time since May that the ETH price has crossed $3000 levels.

The massive rally comes amid all the excitement around the Ethereum London hardfork which clears the way further 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 DeFi activity happening on the Ethereum blockchain.

With this astounding price surge, Ethereum continues to dominate all the crypto discussion rates. On the flip side, the Bitcoin-related discussions have dropped to a one-month low, reports on-chain data provider Santiment.

Courtesy: Santiment

Will Ethereum Outpace Bitcoin?

The most popular Bitcoin vs Ethereum debate catches heat once again. There’s much chatter in the crypto space regarding Ethereum (ETH) outpacing Bitcoin’s performance post the complete launch of Ethereum 2.0.

Earlier this week, speaking at the Reuters Global Markets Forum, Pantera Capital CEO Dan Morehead stated that the upcoming upgrade will help Ethereum to outpace Bitcoin. Since Ethereum shall be transitioning to the Proof-of-Stake (PoS) model from the existing Proof-of-Work (PoW), there’s will be a significant drop in Ether’s energy consumption.

Morehead believes that this will further boost Ether’s wide implementation in decentralized finance (DeFi) applications thereby helping Ethereum outgrow Bitcoin. “You’ll see a transition of people who want to store wealth, doing it in Ether rather than just Bitcoin,” he noted.

This year so far, Ethereum has already outperformed Bitcoin by a great margin. While Bitcoin’s year-to-date returns stand at 30%, ETH is trading at 4x or a staggering 300% returns as of the current price.

The London hardfork has set up the expectations from Ethereum developers to a higher platform. As Vitalik Buterin said, we can expect the Ethereum 2.0 launch by this year-end or early 2022.

advertisement
? Share:
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Subscribe to our newsletter for free

 https://coingape.com

Regulation and Society adoption

Ждем новостей

Нет новых страниц

Следующая новость

All content provided by the site, hyperlinks, related applications, forums, blogs, social networks and other information is taken from third-party sources and is intended for reference only. We make no warranties with respect to our content, including but not limited to accuracy and timeliness. No part of the content we provide is financial advice, legal advice or any other form of advice intended for any of your personal purpose. Any use of our content is entirely at your own risk. You should conduct your own research, review, analysis and verification of our content before relying on them. Trading is a very risky activity that can lead to large losses, so consult your financial Advisor before making any decision. No content on our site is a public offer or invitation to action.

This resource may contain 18+materials

© 2016-2024