Ethereum to overtake Bitcoin as top crypto in a few years, expert suggests

Posted: 20 August 2021 7:15 pm
News
ethprice0820_Finder_1800x1000

ETH's 30-day gains currently stand at a mind-boggling 70%.

  • Analysts believe Ethereum's value is primed to keep increasing in the near term.
  • A number of altcoins have been riding high recently, with the value of a few rising by as much as 55%.
  • Since the start of the year, a total of 23 ETH ETF applications have been submitted with the United States SEC.

Ethereum has continued to garner an increasing amount of positive financial momentum recently, with the altcoin gaining a cool 6% over the last 24 hours. At press time, ETH is trading at AUD$4,500.

Providing his take on Ethereum's ongoing rise, Nigel Green, CEO and founder of deVere Group, one of the world's largest independent financial advisories, believes that Ethereum's ongoing price appreciation could see the altcoin beat Bitcoin's valuation in just a few years' time, adding:

"Ethereum is outperforming Bitcoin, and it can be expected to continue this trend for the rest of 2021. In fact, it has outperformed all other benchmark assets in the first half of this year ... thereby highlighting that network's value not only as a platform for developers but as a worldwide financial utility."

Additionally, Green is also of the view that the upcoming transition of ETH 2.0 will not only help the asset's price go higher, but boost the industry as a whole. "Ultimately, this will mean that its (Ethereum's) value will exceed that of Bitcoin – probably within 5 years," he opined.

How to buy Ethereum

Altcoins continue to push ahead

Despite starting off slow yesterday, the cryptocurrency market, altcoins in particular, gained a lot of momentum with several altcoins witnessing sizeable gains of 20% or more. This is largely due to major protocol upgrades and exchange listings.

Some of the biggest gainers over the last 48 hours have been Voyager Token, SwissBorg and Energy Web Token. As a result of these movements, the total market cap of the cryptocurrency industry has risen to US$1.95 trillion, with BTC's dominance slipping to around 43.9%.

Ethereum ETF applications continue to mount

A total of 2 more Ethereum-based exchange-traded funds (ETF) applications were filed earlier this week, bringing the total number of such filings to 23 so far in 2021. This time around, VanEck and ProShares were the ones to join the party, revealing their plans to release ETH focused institutional products in the near future, so as to help investors gain seamless exposure to the altcoin via the use of ETH futures contracts.

Interested in cryptocurrency? Learn more about the basics with our beginner's guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.


Disclosure: The author owns a range of cryptocurrencies at the time of writing

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Get into cryptocurrency

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site