Can Ethereum Overtake Bitcoin’s Crown?

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Although the talk in January and February that dominated the cryptosphere was whether Cardano, Polkadot or even Binance Coin could become the new Ethereum, that narrative has since changed.

As we learn more about the long-term plans of Vitalik Buterin (he’s considering extending his own lifespan even) with Ethereum 2.0 and are noticing how it is gathering fans within institutional investors, some are asking whether Ethereum can become the new Bitcoin all in itself.

Lifelong duo

Bitcoin started the crypto revolution back in 2009 and was followed by several other coins since. The only one that has been able to come even close to Bitcoin’s size and market cap though ever since was Ethereum, at its debut in 2015 led by a team that comprised of Vitalik Buterin, Gavin Wood (who has since left and founded Polkadot) and Charles Hoskinson (now the founder of Cardano).

Thanks to the introduction of smart contracts and the wide knowledge of the team around Buterin, Ethereum grew fast and went from a token worth $3 at its debut to over $2,000 by now.

Since the 2017-2018 ICO bull run, Bitcoin and Ethereum went on to become the most known cryptocurrencies and the pair have since always listed as number one and two on CoinMarketCap.

Ethereum is however updated to serve as a decentralized network designed for the end-level user. Thanks to the decentralized applications that can run on the Ethereum network, Vitalik has made sure his coin and ditto blockchain are ready for the future of crypto, whereas Bitcoin’s technology will soon be surpassed.

The new world of finance called decentralized finance or DeFi which saw it’s limelight in 2020 is living proof of the new dawn of Ethereum.

Because of this fact, even billionaires like Mark Cuban now believe that in the long term Ethereum has more usage than Bitcoin, and he therefore is invested more in it than others are, who spread their crypto risk mostly 90% bitcoin, 10% others. Cuban decidedly chose to go 60% Bitcoin, 30% Ethereum and 10% others, as the applications that are able to run on the Ethereum network are what convinced him.

With all institutional investors now looking to spread their risk, it is highly possible that they also will follow Cuban’s lead and spread their investment 60-30-10, which would give Ethereum a lot of growth this year. Whether it will overtake Bitcoin any time soon is highly doubtful, but that is has the possibility to do so in the long run, is assured.

Scott Melker bullish

The Wolf of All Streets technical analyst Scott Melker has been discussing the Ethereum chart in his YouTube stream this week. Scott is quite bullish on Vitalik Buterin’s coin and has recently adapted his 2021 targets even.

BITCOIN & ALTS NEXT PRICE TARGETS | Weekend Trades https://t.co/SnXmszOeGX

— The Wolf Of All Streets (@scottmelker) April 9, 2021

Looking at the current chart, he said:

Ethereum USD, this is, I think going to $3,600, and this is bullflagging, again. This broke out 31st of March, it told you two days in advance, on the 29th of March. It told you we were gonna see a breakout.

AlekseyIvanov / Depositphotos