Ethereum to overtake Bitcoin as top crypto in a few years, expert suggests
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.
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.
Disclosure: The author owns a range of cryptocurrencies at the time of writing