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Tuesday, May 24, 2022

Ethereum Might Not Be Able To Overthrow Bitcoin

Despite Ethereum’s impressive movement due to its London hard folk, there are investors who have been questioning its position. Incidentally, Bitcoin saw a market capitalization of around $800 billion, after it saw a rise of 13% in two days. At the same time, Ether went on to accumulate a profit of 45% in two weeks- which placed the market capitalization of ETH at an impressive $340 billion.

Nonetheless, worries haven’t been alleviated and traders are questioning how Ether stacks against Bitcoin. There are several other investors like Dan Morehead- the CEO of Pantera Capital- expected ETH to comfortably outpace the world’s largest cryptocurrency.

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Market participants for Ethereum seem to be quite excited after President Neel Kashkari, the head of the Minneapolis Federal Reserve stated that the Feds might simply stick to the asset-purchase program for quite some time now.

The reason provided was the spread of the Delta variant, and how much it could harm the investor as well as the labor market. The President mentioned how Delta could definitely discourage individuals from going to jobs that could require direct interaction, whilst keeping kids out of school. 

Active addresses give Bitcoin a clear lead over Ethereum

If one were to compare the multiple metrics of Ethereum with Bitcoin, it would definitely shed major light on where the 58% discount on the cryptocurrency is justified or not. The very first step that is necessary is to measure the number of active addresses- which should exclude ones with low amounts.

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In multiple reports, Bitcoin has over 6 million addresses with a value of $1,000 or higher. At the same time, Ether has almost 2.7 million addresses at a value of $1,000. The growth of this altcoin has reportedly been much slower. 

Needless to say, the data is particularly informative for it highlights how far Bitcoin dominates Ethereum. The former has almost $32.3 billion in assets, whereas Ether has around $11.7 billion. 


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