Ethereum has had quite a rally recently, claiming the $4,000 mark and taking a breath after that while the whole market is kind of a red and green mix. There are all sort of shitcoins pumping here and there such as SHIB which is some sort of another meme coin gaining popularity.
ETH however is close to $500 billion market capital and it doesn't look like giving anything back to the market, even after rallying quite hard lately from $2,800 to $4,200. Its total market capitalization is close to half the one of Bitcoin for the moment while the BTC dominance is definitely on a down slope.
Ever since its inception, ETH has managed to hold its second position on coinmarketcap, with small exceptions, one of them being the mother of all shitcoins which is XRP, but so far it's been a fighter.
Some were talking at some point that BNB could threat its position, but I doubt it will happen. Anything's possible though. What about ETH actually flipping BTC this bull market? Is that even possible...?
I'd say it is and the way I see this space, everything is possible. I don't know if it has managed to do so in the past cycle, although if I remember correctly someone has mentioned something about that on Hive. It would be epic though and probably it wouldn't even last long, but ETH becoming the second largest cryptocurrency by market cap would be something.
This situation would create a precedent and imo it would open up a new era. One where fundamentals and real use case of a crypto project would really matter. I am not an ETH maximalist nor a BTC one, but I see much more use case for Ethereum than I see in Bitcoin.
I know I'm probably gonna get a lot of hate from some of you guys for that statement, but that's how I see it. It would be interesting though to have such a situation, isn't it. What do you think, is it possible for ETH to flip even for a short period of time BTC this bull market cycle?
Thanks for attention,
Adrian
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ETH can't be taken as a serious contender for taking the number 1 slot until the high network fees. 20 dollar fee to transfer 60 dollars worth of ETH is ridiculous.
I agree with you. I'm not particularly an ETH fan but I like asking questions and engaging in community talks.
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Not this time around there are too many upcoming unknowns. I wouldn't expect the flippening till summer of next year and that's if PoS and fees get reduced / burned happens and if it all goes ok. Ethereum has thousands of use cases but is being held back at the moment due to high fees which will cause development to slow and it has. We see many applications starting to branch out and create side chains to avoid ETH fees.
If gas fees will get solved it probably has high chances to do so.
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I don't think it will. I still have too much belief in Bitcoin to ever think this will happen.
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I don't see Eth unseating king BTC anytime soon. If Eth fee gets reduced, then maybe
Sooner or later, Ethereum's market capitalization will surpass Bitcoin's. I am pretty sure of that. At the latest when ETH 2.0 has been fully deployed.