If ETH truly overtakes BTC it would be huge.
Many things went against eth recently:
1- Huge fees + Binance smart chain as you explained
2- Cardano approaching the launch date of tokenization (March 1st I think). It's a clear buy the rumor sell the news looking at the ada/eth chart.
3- ADA and DOT generating massive hype, ADA using it's low price of $1, and DOT using all the polkastarter projects which is basically a repeat of the ICO craze.
4- Retail came in mass last month, and most feel they have missed out on BTC and ETH. Then they see ADA at a dollar...
I think now the momentum will shift back to eth as news about the EIP-1559 will start to come out.
And of course great post as always!
what should be mentioned with ADA, however, is that it has a 45 bilion (!) supply compared to ETHs 114 mil... so that's something to consider in terms for price action. We will see I guess! :)
As far as I understand the EIP-1559 it doesn't necessarily lower the fees by a lot, right? But looks like an improvement
I know, but newbies don't look at supply, just price... It's sad but that's why XRP always pumped before SEC problems.
EIP-1559 will not necessarily lower fees, but it will prevent people from speculating on fees. For instance, now people can just "buy" smart-contract computing with low gas fees and then sell them later at a higher gas price when it's crowded. The EIP will remove those people and therefore reduce the demand on fees.
don't know how large the effect will be. More importantly, it introduces a burn making ETH deflationary. This will be the biggest talking point in crypto for a while imo.
👍👍