Many in the Ethereum community have long predicted that Ethereum’s market capitalization, currently just under half of bitcoin’s over $400 billion, will eventually dwarf the more popular crypto due to smart contract functionality. of Ethereum and its wider utility.
The price of Ethereum has swung wildly over the past year amid an explosion in the popularity of digital collectibles known as non-fungible tokens (NFTs) built on the Ethereum blockchain. However, bitcoin has also seen a surge in demand as investors bet it will eventually become the digital equivalent of gold.
“We like ether, and we think it’s a major differentiator,” Joe DiPasquale, CEO of crypto hedge fund manager BitBull Capital, told Fortune. “Bitcoin has been the hundred pound gorilla, but ether is really the other hundred pound gorilla. Everything else falls behind.”
Ethereum’s merger upgrade, tentatively scheduled for mid-September, will see the network switch from bitcoin’s ‘proof-of-work’ mechanism to the more energy-efficient ‘proof-of-stake’. This will allow Ethereum holders to “stake” their ether to secure the network in exchange for newly minted coins instead of relying on so-called miners who use high-powered computers to secure the blockchain and verify transactions.
Last week, Ethereum co-founder and spiritual leader of the project, Vitalik Buterin, said that he still does not believe that the long-awaited Ethereum merger update will have a full “price”, assuring that “once the merger happens, it will go up.” .
Source: Ambito
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