When looking at the numbers at the top of the “coinmarketcap” platform, it is clear that the dominance of Bitcoin has fallen below 40% and the dominance of Ethereum has increased to 20%.
Which is an explicit increase in the presence of Ethereum at the expense of Bitcoin.
For the record, Ethereum has already outperformed Bitcoin throughout 2021, as Ethereum finished last year with a strong return of 250%.
By the beginning of 2022, Ethereum also managed to outperform its largest competitor, Bitcoin, by a large margin.
While the cryptocurrency market has been fluctuating sideways over the past week, it appears that Ethereum is once again showing its strength over Bitcoin.
Based on technical charts, crypto market analyst Michael van de Poppe wrote:
Ethereum is showing more strength than Bitcoin at this point.
Nice retest of that area around $3500, which should be enough for this correction.
The confirmation will be clear by breaking the $4100 level.
Many analysts have given an optimistic target for the price of Ethereum to reach $10,000 by the end of 2021.
But that did not happen.
But this has not prevented analysts from being optimistic that Ethereum will reach that price in 2022.
Many analysts believe that Ethereum can still achieve that feat and even higher this year.
Analyst “De Poppe” also continues and insists on his bullish stance towards Ethereum, and believes that the competition taking place between other alternative currencies and Ethereum and not between Ethereum and Bitcoin.
Kevin O’Leary of “Shark Tank” Bets on Ethereum:
In an interview with Forbes last week, Shark Tank’s Kevin O’Leary told that he views the entire crypto industry as software development teams.
Thus, he continues to be more optimistic about Ethereum than Bitcoin, and Kevin commented on this by saying:
Ethereum is my biggest hub, and bigger than Bitcoin.
This is due to the occurrence of a lot of services and financial transactions on it.
Even new software is being developed like Polygon that integrates transactions and lowers the overall cost in terms of gas fees on Ethereum
Ethereum is also heading for a massive upgrade this year as the network will transition to a quota mechanism and this will greatly increase the capabilities of the Ethereum network making it more scalable, cost effective and in terms of gas fees.
It will be interesting to see what other Ethereum tier 1 competitors are gaining momentum in the future and are looking to take a stake at the expense of Ethereum.
Ethereum co-founder Vitalik Buterin describes Bitcoin Cash as a failure…Details here
Learn about the most active crypto projects in terms of development in 2021