Tracking the crypto asset market
Ethereums use cases are open-ended, as it will continue to find new use cases beyond NFTs, DeFi and Dapps.
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Bitcoin and Ethereum together make up 60% of the market share in the crypto market, with Ethereum’s market capitalization being less than half of Bitcoins – at $188 billion against BTCs $421 billion. As Ethereum attempts to make the shift from Proof-of-Work to Proof-of-Stake, are there chances for the alt-king to flip Bitcoins dominance? Lets find out in todays article.
Use cases
Bitcoin, however much it upgrades, is more likely to remain as a medium of exchange and a good store of value. Ethereum, on the other hand, has brought together an ecosystem of layer-1 and layer2 scaling solutions that, in convergence with Ethereum, are bringing scalability, efficiency and a multitude of new use cases to ETH. Ethereums use cases are open-ended, i.e., as the blockchain develops and upgrades, it will continue to find new use cases beyond non fungible tokens (NFTs), decentralized finance (DeFi) and decentralized apps (Dapps).
ESG Concerns
Bitcoins energy-intensive nature is a great cause of controversy and limits its prospects for the greener future humankind envisions. Ethereums merge upgrade will reduce its energy uptake by 99%. However higher gas fees will continue to be a challenge.
Economic Perspective
With the upgrade, Ethereums total supply will reduce by 90%. Considering fee burns, Ethereum will become deflationary compared to Bitcoin, which will always remain inflationary. However, BTCs inflation rate is supposed to go down with every halving event.
Cost-effective
Ethereums issue of high gas fees wont be solved by the upcoming Merge upgrade scheduled to happen in September. However, users can save fees on Ethereum by directing all their activities on layer-2 solutions, which will then use Ethereum as the base layer for settlement.
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The Flippening Index by Blockchaincenter.net reveal the following developments with regard to ETH flippening BTC:
- Market Cap: 44%
- Active Addresses: 60%
- Transaction Count: 100%
- Transaction Volume: 43%
- Trading Volume: 44%
- Total Transaction Fees: 100%
- Google Search Interest: 24%
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Flippening seems a far-fetched idea if we gauge ETHs worth in terms of current statistics. However, Bitcoin continues to be the digital gold of crypto, but Ethereums shift is bound to send shockwaves to the Bitcoin ecosystem, for the network will have a larger adoption scale in the Defi and web3 economy.
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Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.
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