The so-called ‘leader of all altcoins’, Ethereum (ETH) has long borne the burden and burden of replacing Bitcoin (BTC) as the king of all cryptocurrencies.
To date, he has failed or come close to completing his mission. Even The Merge couldn’t lift Ethereum up and to be honest, it couldn’t even spare its teeth to maintain its position on the wall built by Bitcoin.
There is a huge gap between the two crypto assets in terms of value. Tracking from CoinGecko shows that as of this writing, Bitcoin is trading at $19,003 while Ethereum is at $1,338. Both funds have seen price declines over the past seven days, 5.8% and 14.9%, respectively.
Image: Zipmex
With the combination of false belief and hope
During an interview last July, Ethereum researcher Vivek Raman expressed his belief that the altcoin Alpha will eventually clear the biggest hurdles and overtake Bitcoin to become the new most popular cryptocurrency.
The merger marks an upgrade that will put Ethereum into a proof-of-stake (PoS) system completed this September. It is also considered to change the monetary policy of the network by reducing the supply of ETH and making it more environmentally friendly.
But since the migration, Ethereum has failed to respond with a proper bull run. Instead, along with Bitcoin and other altcoins, it continues to be associated with devaluation.
A moment of victory for Ethereum
While it still hasn’t risen to the same level of popularity as Bitcoin, Ethereum has had a period of triumph over the king of crypto since the merger, a rather strange trend in the crypto market.
Bitcoin’s trading dominance came to an abrupt end after ETH’s trading volume rose to record highs and eventually reached an all-time high.
However, experts believe that this integration of Bitcoin will have little impact and that the resulting price movements will be temporary. This is because switching to a proof-of-concept method has always been part of Ethereum’s plan since day one.
Hero CEO Alex Miller has said that bitcoin has established itself as its “core asset,” calling the crypto “digital gold.” For that reason, he believes that it is impossible for Ethereum to surpass its competitors in terms of market capitalization.
ETH total market cap at $165 billion on the daily chart | Source: TradingView.com Featured image Coinpedia, Chart: TradingView.com
(The analysis represents the author's personal views and should not be construed as investment advice).