There are competing factors that favor one cryptocurrency over the other. In the case of Ethereum, the blockchain’s smart contract capability has been the game-changer.
Moreover, Ethereum’s transition to PoS should be the watershed moment for the entire Ethereum ecosystem. This would increase the use cases for ETH. Well, even though BTC is the undisputed centerpiece, the popularity war between ETH and BTC continues.
ETH vs BTC
Ethereum and Bitcoin battled it out for the number one and two spots in the market cap rankings.
Now, with new bullish narratives emerging for Ethereum, many are wondering if Ethereum could topple Bitcoin’s market cap and take the top spot. The largest altcoin has gained price dominance over its rival.
The ETH/BTC ratio, in the graph above, ‘of 0.074762 on Friday came within millimeters of an 8-week high of 0.074878,’ Santiment tweeted. This marked the largest ratio count for ETH/BTC since 4 February. In addition, the top 10 whale addresses continue to hold a significant percentage of the supply.
This increase was also evident in the Bitcoin dominance chart. The share of ETH rose to 18.64% against 42% for Bitcoin. Different bullish attributes around ETH played an important role, for example, the “meltdown”. Over $30 billion was pumped into Ethereum’s market capitalization in seven days.
HODL on
Holders too kept their share without planning to sell. Ethereum on-chain data showed more than 1.2 million ETH exited exchanges over the past two weeks. The Ethereum Exchange Reserve dropped from 24.7 million ETH to 23.5 million ETH in just one week. That’s a decrease of 5% (1.2 million ETH).
Well, these positions could help altcoin’s biggest surge against bitcoin. Ergo, the promoters chose ETH over Bitcoin in their wallets.
For instance, consider Arthur Hayes– the co-founder and CEO of crypto exchange platform BitMEX.
In a new blog, Arthur Hayes opined that, unlike Bitcoin, Ethereum is not a cryptocurrency that can be used as currency, but rather an asset of the largest decentralized network on the planet.
