As a first, Ethereum overtakes Bitcoin in terms of the number of active participants in a day. Is it a coincidence? Or is it a sign that bitcoin is slowly losing its place as the top god of the cryptocurrency world? Read to know the details.
A historic day for Ethereum
“On a day that saw history with Ethereum surpassing Bitcoin in daily active addresses for the first time, altcoins came to play. $KSM, $COMP, and $ZIL were among many projects to make an imprint on the markets, while $BTC ranged around $34.5k,” tweeted crypto analytics, a cryptocurrency dealing firm. Soon, several firms and analytical experts reported the same sights.
This single event proved that Ethereum was taking over the cryptocurrency market. According to reports, Ether’s market value is only one-third of Bitcoin’s. Ether has a market cap of $200 million whereas Bitcoin tops the chart with $600 million. However, ether has a vivid and versatile platform that allows the cryptocurrency to be used for various purposes. Moreover, it is also used to buy non-fungible tokens, decentralized finance apps, and games, among several other things.
Is there a future for Bitcoin?
As of late, Bitcoin’s future is unknown and volatile. In recent months, the former poster boy of the crypto world has been highly examined. Prominent people like Elon Musk and Mike Novogratz, the CEO of Galaxy Digital expect other cryptocurrencies to take over. Musk has repeatedly stressed the concerns over the environmental impact of Bitcoin mining. Additionally, the Chinese government has been tracking and cracking mining operations and cryptocurrency trading in China.
Moreover, Bitcoin has a lot of drawbacks. Unlike the versatile ether, Bitcoin is not environmentally friendly and requires a large amount of energy. Moreover, ether saw a climb over 900 percent int he last year. It threatens the existence and pales the popularity of Bitcoin as it went up only 275 percent. These huge gains make us wonder about a future where the trend flips and Ethereum’s value surpasses that of Bitcoin.