As Bitcoin’s market capitalization dipped below the $1 trillion mark on December 04, 2021, the prospects of Ethereum overtaking Bitcoin increased. Unfortunately for Ethereum, it also started losing ground at the same time. And at the turn of the year in 2022, we see many cryptocurrencies falling from their best positions.
Many experts believe this dip to be temporary. However, this dip has taken the focus away from Ethereum, as most people are now busy buying attractive cryptocurrencies like Shiba Inu and Avalanche. And, this is the perfect time for Ethereum to STRIKE and make a COMEBACK when no one is looking.
10 Signs of Ethereum Overtaking Bitcoin and Other Cryptocurrencies
1. Ethereum’s Move to Proof of Stake is Almost Complete
Ethereum 2.0 has been released in phases for the past few years, starting from 2020. In the summer of 2022, its move to version 2.0 will be complete. The latest version of Ethereum will be based on proof-of-stake instead of proof-of-work – and this is going to be a HUGE deal.
2. Ethereum 2.0 is Knocking and About to Make Things Bigger and Better
Ethereum 2.0 will use more sophisticated technology than its previous version. Moreover, Ethereum 2.0 will come with enhanced scalability, reduced congestion in the network, and lower gas fee, which will only make things better.
3. Ethereum 2.0’s Sharding is Very Impressive
As we already see, most of the currencies based on proof-of-stake are rising fast (e.g., Solana), the chances of Ethereum 2.0 growing will be even higher. Want to know why? Because it will use Sharding, which performs 100,000 transactions per second.
4. Ethereum 2.0’s Speed and Past Prestige Makes it a Clear Winner
Unlike the newer currencies like Solana, Ethereum 2.0 has a prestigious history and many fans. So, with its faster 2.0 version, it will generate positivity and goodwill faster than any other currency. And, we all know when the speculation is positive, the cryptocurrency prices grow the fastest.
5. Ethereum has Great Potential in Decentralized Finance (DeFi)
Ethereum has excellent potential in DeFi as it allows for the creation of smart contracts. With smart contracts, people can get into contracts without any need for a lawyer. It is the single most reason why the experts love it even after its sudden price drop at the turn of the year.
6. Ethereum and NFTs are a Bond made in Heaven
Almost every NFT circulating in the world is modeled on the Ethereum Blockchain. So, the chances of Ethereum being relevant in the technology world are much higher. Moreover, as more and more celebrities and megabrands launch their NFTs, the price of Ethereum is only going to soar.
7. Ethereum will Drive the Metaverse Forward
NFTs based on the Ethereum blockchain will sell like hotcakes in the metaverse. With Mark Zuckerberg completely behind his Meta platform and the world looking to move into the VR world, the metaverse is going to be a reality sooner than you can imagine. So, the prospects of Ethereum in the metaverse are already excellent, much better than Bitcoin.
8. Top Experts Believe that Bitcoin is Well Past its Glory Days
Even the biggest Bitcoin fans have expressed their doubts about the world’s favorite currency retaining its crown for a long time. For instance, top investors like Louis Navellier and Katie Stockton have already expressed their doubts that it is no longer a sure-shot winner like it was in its earlier days.
9. Ethereum Outperformed Bitcoin in November 2021 when things were normal
Sometimes, negative speculations cause great dips and hide the actual value of cryptocurrencies. For example, US federal reserve’s hint at increasing the interest rates for cryptocurrency and Kazakhstan’s invasion happened next to each other. As a result, currencies started dipping in their value. But before the negative speculations, Ethereum was outperforming Bitcoin in terms of growth. So, it is very likely that it will start leaving Bitcoin behind when things go back to normal.
10. Our Friendly Neighborhood Shark Believes in Ethereum
When a shark says something about a cryptocurrency, you better listen to it. The famous shark from ‘Shark Tank,’ Mark Cuban, picks Ethereum as his favorite cryptocurrency. So, you better bet on it to win the race against other cryptocurrencies, including Bitcoin.
If you are an Ethereum fan demoralized by the sudden fall of your favorite cryptocurrency, don’t be. There are ample early signs of Ethereum overtaking Bitcoin and even other popular cryptos like Shiba Inu and Avalanche. Moreover, with the complete launch of Ethereum 2.0 fast approaching and the rapid rise in the popularity of NFT and Metaverse, your favorite cryptocurrency is perfectly set up to take the crown from Bitcoin.