There are various competing factors among cryptocurrencies that contribute to one crypto asset growing faster than others. For example, Ethereum’s smart contract capability has made it the second largest cryptocurrency by market cap in the world today.
Furthermore, the transition of the blockchain from PoW to Pos will most likely be the crucial step for the entire Ethereum ecosystem. It will most likely expand ETH use cases.
However, Bitcoin remains the number one cryptocurrency. Although the war between the two leading cryptocurrencies continues.
The battle between the world’s top crypto assets: BTC vs. ETH
Bitcoin and Ethereum occupy the #1 and #2 positions in the cryptocurrency market by market capitalization.
But many are now speculating that Ethereum may replace Bitcoin as the number one crypto asset by market cap amid new uptrends rising for the largest altcoin. Bitcoin has maintained price dominance over its archrival.
Source: Santiment
In the chart above, the ETH/BTC ratio, as Santiment tweeted, “from 0.074762 on Friday was just millimeters away from an 8-week high of 0.074878.” This figure is the largest ETH/BTC ratio since Feb. 4. Also, the top 10 whale addresses still hold a notable percentage of supply.
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The surge was also seen on the Bitcoin dominance chart. Compared to Bitcoin’s 42% rise, ETH’s stock rose 18.64%. Various bullish attributes around ETH like the “merge” played a big role. In just seven days, more than $30 billion was pumped into Ethereum’s market cap.
The owners also kept their share
Meanwhile, holders with no intention of selling their shares held them. Over the past two weeks, more than 1.2 million ETH exited exchanges, according to Ethereum on-chain data. In a week, the Ethereum Exchange Reserve dropped from 24.7 million ETH to 23.5 million ETH, down 5% (1.2 million ETH).
Source: CryptoQuant
However, these positions may further contribute to Ethereum’s rise over Bitcoin. Hence, proponents are adding ETH to their portfolio instead of Bitcoin.
One such example is the co-founder and CEO of BitMEX, a crypto exchange platform, Arthur Hayes. Hayes said in a recent blog that Ethereum can be used as an asset of the world’s largest decentralized network and not as a cryptocurrency that can only be used as money.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own bank and break away from traditional money exchange systems. She is also fascinated with blockchain technology and how it works.
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