Ether flipping against Bitcoin: Will Bitcoin soon give up its dominance to a worthy and formidable rival Ethereum? The time of the king of cryptocurrencies may come to an end sooner rather than later.
Ether flipping against Bitcoin: Real, but not yet!
Daniel Strachman, managing partner of A&C Advisors LLC, told Cointelegraph about the possibility of a flip when Ethereum or another cryptocurrency surpasses Bitcoin in market capitalization:
We’re in the first half of the second crypto ride, and at this point it looks like Bitcoin will stay on top, but as with the Red Sox crash this year, we just don’t know.
The economist Strachman is a Wall Street veteran with decades of experience in finance who has authored several books, and he believes that the market’s reaction will determine whether this decision to flip will be successful.
Ether has been expected to push Bitcoin back in recent years, but as stated earlier, that won’t happen any time soon:
There’s a lot of talk right now about ETH outperforming BTC, and that’s reality, but we need to play a few more rounds to see what happens.
Why is Ether flipping against Bitcoin?
In its May 31, 2021 article, Bloomberg cites several sources who advocate the idea that Ether will eventually overtake Bitcoin. According to Tegan Kline, co-founder of blockchain company Edge & Node, this change is likely to happen in the future because “Ethereum will outperform in innovation and developer interest.”
In addition, Ethereum is ahead of Bitcoin in terms of growth in 2020, thanks in part to the rise of DeFi. London’s recent August 5, 2021 update contributes to Ethereum’s improved performance. The upgrade should reduce domestic inflation and eventually make it deflationary in the long run. More than 100,000 Ethers have been burned after the hard fork.
Bitcoin, however, is not giving up. For example, billionaire investor Stanley Druckenmiller said in an April 2021 interview with The Hustle that Bitcoin has won the value storage game in its 14 years of existence:
I think because it’s a brand, it’s been around for 14 years and its supply is limited, it [Bitcoin] has kind of won the value storage game.
And while Ethereum is leading the DeFi game so far, Druckenmiller is skeptical about its ability to defend its leadership position in the field, given the possibility of another blockchain surpassing it:
It reminds me a little bit of MySpace before Facebook came along. Or perhaps a better analogy would be Yahoo before Google came along. Google wasn’t much faster than Yahoo, but it didn’t need to be. It just had to be a little faster, and the rest is history.
There are high expectations for Ethereum, and even this former banker thinks Ethereum has better trading capabilities than Bitcoin.
Ether flipping against Bitcoin: Bitcoin at the $50,000 Mark?
Bitcoin finishes August 2021 with a bullish candle and starts September 2021 with a green candle. A return to $50,000 is still being discussed today, but it will not happen for a long time.
With over 1.65 million BTC priced at $45,000 to $50,000, could the price of Bitcoin remain in that range for a few weeks? Passing the $50,000 milestone would almost certainly propel Bitcoin to the $60,000 level.
When will this momentum occur, which will eventually break over a significant barrier in the $50,000 to $51,000 range? At this moment, no one knows. However, data from the exchanges suggests that a new bullish wave is on the way.
Bitcoin has only four months to hit the six-figure milestone. It is not even halfway there yet, since the markets are stuck in a rut that might persist for a long time.