Ethereum seems to be beating Bitcoin on many fronts. Bitcoin has seen a major fluctuation in price. It rose to the all-time high of $65,000, only to fall 50 per cent to $30,000. While Ethereum grew over 900 per cent over the past year, Bitcoin saw a 275 per cent jump
The recent decline in Bitcoin price has put the spotlight back on the second biggest cryptocurrency, Ethereum, which, some say, has the potential to replace it as the number one digital currency in market share. Bitcoin has seen a major fluctuation in price in the past couple of months. It rose to the all-time high of $65,000, only to fall 50 per cent to $30,000. Its market share also went down to 42 per cent ($1.6 trillion) from 70 per cent before the start of 2020, CoinGecko data shows.
The month of May saw the biggest fall in Bitcoin price, thanks to the tightening of cryptocurrency laws by China and Tesla chief executive Elon Musk changing his stance on Bitcoin.
When compared to the market share, Bitcoin is still way ahead compared to Ethereum. The May rout helped Ethereum narrow this gap by about $350 billion. While Ether dropped by around 11 per cent in May, Bitcoin suffered a much worse route at 37 per cent. On year-on-year growth too, Ethereum seems to be beating Bitcoin. While Ethereum grew over 900 per cent over the past year, Bitcoin saw a 275 per cent jump.
Ethereum investors and its fans say there are two big reasons for a strong momentum — popularity for blockchain-based financial services and digital collectables and a major upgrade in its technology, which is underway and will bring a tectonic shift in the way Ethereum works.
Reference : https://www.businesstoday.in/current/corporate/no1-cryptocurrency-can-ethereum-beat-bitcoin-in-future/story/440539.html
