Ethereum price surges as experts think it will replace Bitcoin in a “flippening”
As a result of ETH's recent push, the altcoin has been able to accrue monthly gains in excess of 35%
- A number of prominent altcoins, including Ethereum, have been able to post sizable gains recently despite Bitcoin being stuck around the AUD$65k range.
- Ethereum's market dominance index has risen from 17.4% to 18.6% over the last 48 hours.
- The last few months have seen many DeFi tokens (including Aave, RGT and YFI) scale up to their all-time-high values.
Ethereum, the second-largest cryptocurrency by total market capitalisation, has been on a tear over the last 24 hours, with the altcoin surging by nearly 8% taking its weekly gains to a little over 10%. At press time, ETH is trading at AUD$4,780.
This latest upward movement seems to indicate that an alt-season may be underway, especially as a number of other assets – including Cardano and Solana – have also been on the receiving end of some serious bullish action. All of these gains seem to be coming at a time when Bitcoin has continued to trade around the AUD$64k-$65k range.
In fact, as per technical data available online, Ethereum is currently poised to stage a 40% rally against BTC, with the recent 5% gain yesterday adding more fuel to the fire. It will be interesting to see how the coming few weeks play out for the altcoin price-wise, especially with experts like Dmitry Mishunin, founder and CEO of smart contract audit firm HashEx, predicting that ETH could quite easily flip BTC in the near term, adding:
"Bitcoin only relies on its capped supply and the first-mover advantage, a trend many investors are beginning to substitute for unique technology that can drive a blockchain-dominated future."
Many DeFi tokens have taken off as well
A quick look online shows us that a host of prominent DeFi projects, including Aave, Synthetix, YFI and SushiSwap, have been able to register profits in excess of 40% over the last 3 months (which is quite substantial, especially when compared with BTC's profit margins of around 27%).
Furthermore, as per crypto data aggregator Dune Analytics, the last year or so has seen a record number of people enter the DeFi ecosystem, with the figure currently standing at around 3,285,643 users (accurate as of Aug. 31).
CryptoPunks creators sign Hollywood deal
In a surprising turn of events, Larva Labs, the team responsible for creating CryptoPunks, one of the largest NFT-based collectible games in the world, announced that it had entered into an agreement with prominent Hollywood talent recruitment firm United Talent Agency (UTA).
As per data available on the official CryptoPunks website, since 2017, CryptoPunks has been able to generate over US$1.1 billion in NFT sales for Larva Labs, with a massive portion of this money (US$304.8 million) coming over the past week alone. As things stand, the cheapest CryptoPunk that is currently on sale is available for a base price of 115 Ethereum (AUD$530k approx.).
Disclosure: The author owns a range of cryptocurrencies at the time of writing