Can Ethereum [ETH] unseat Bitcoin [BTC] as top crypto? Experts weigh in
Of late, more big names have turned bullish towards Ethereum [ETH], the second most valuable cryptocurrency. A string of positive statements from many influential investors and cryptocurrency experts have placed Ethereum as a better investment compared to its close rival and the largest digital asset – Bitcoin.
The cryptocurrency market had a bullish run in recent days. ETH had climbed over 6 percent while BTC has risen nearly 18 percent against the U.S. dollar in the last one week.
Recently, Jeremy Allaire, CEO of crypto finance firm Circle, said that that Ethereum could drive blockchain technology to be as broadly adopted as the internet is today.
“One of the things that really catalyzed the (cryptocurrency) market last year was actually that Ethereum, in particular, kind of got to a place where you could build apps on top of it,” he said.
And he’s not only one who thinks so. Earlier this week, Kevin O’Leary – Canadian businessman and investor on ABC’s Shark Tank – shared a similar opinion in an interview with CNBC’s Fast Money. He believes that Bitcoin could soon be unseated as the top virtual currency by Ethereum, adding that he would be worried if would have invested heavily in Bitcoin.
“…people are saying it’s not the definitive platform anymore, that maybe Ethereum is becoming the new platform, and all of a sudden, Bitcoin? What’s Bitcoin?” he said.
Brian Armstrong, CEO of crypto exchange Coinbase, had disclosed late last year that he personally owns more ETH than BTC – yet another positive stance on the coin.
Gap between Ethereum, Bitcoin still wide
It is important to note that the divide between Bitcoin and Ethereum is still pretty large. Bitcoin’s current market capitalization, according to CoinMarketCap, is $125.84 billion. That’s more than double the market capitalization of Ethereum, which stands at a mere $46.52 billion.
But bulls are still willing to bet on the digital asset. According to Smartereum, experts believe the coin’s price could reach around $2,500 by the end of this year and could hit about $31,000 by the end of 2020.
Ethereum has been a major force in the digital currency space, on account of its quick transactions and decentralized applications. Its blockchain is being more widely used as it allows third-party transactions to run on its network.
However, not everyone shares the same opinion. Tetras Capital, a New York-based hedge fund, believes that Bitcoin has more upside potential than Ethereum.
ETH price analysis
The virtual currency inched lower against the U.S. dollar on Saturday. At the time of writing, ETH has in a significant trading range of $441-$465. After a brief consolidation, the coin experienced a breakout from the first resistance level, which can be traced at $450.
Though ETH gained higher, the digital asset struggled to maintain its momentum, and failed to break out from the key resistance level, which can be found at $469.
The 100 EMA line is currently showing a downtrend. The MACD, at the time of writing, was in the bearish zone. The key support level can be traced at around $445.
As of 0920 GMT, the coin was trading 0.5 percent lower against the U.S. dollar at $459.96. In Bitcoin terms, the cryptocurrency was valued at around 0.06283 BTC.
Image via Shutterstock
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