The cryptocurrency space is climbing towards a market cap of roughly $1.7 trillion given that bitcoin is now trading above $42,000 – something it hasn’t done in a very long time. The currency was allegedly given a slight push by the “London” upgrade that occurred for Ethereum a few days earlier, and this upgrade likely caused several other altcoins (such as Cardano and Polkadot) to shoot up as well.
Ethereum Is Slated to Flip Bitcoin in the Coming Years
But while bitcoin is arguably showing the most positive results with a surge of about $2,000 or $3,000 overnight, many individuals are claiming that this new London upgrade will potentially cause Ethereum to overtake BTC as the world’s number one digital currency by market cap. Tim Sabanov – the chief technology officer at Zumo in Scotland – explained in an interview:
Ethereum could flip bitcoin as the world’s number one cryptocurrency… What Ethereum has done is look at something that already exists – bitcoin – and make it better. It has an extremely vibrant developer community and that means that the ecosystem is growing at astonishing speed.
The London upgrade is slated to make Ethereum much faster and more efficient. It is also alleged to bring Ethereum further away from its proof-of-work module and bring it closer to a proof-of-stake protocol, which would allow individuals to stake their ETH units and earn interest on their stashes. Sabanov also added:
The crypto giant recently surpassed bitcoin in the total number of active daily addresses, and that moment shows no signs of slowing as the network continues to power key defi and NFT trends.
He’s not the only one who’s predicting big things for ETH. Nathan Cox of Two Prime fame explained in a recent statement:
In the long, long, multi-year timeline, yes. Ethereum will flip bitcoin. It’s just now starting to be understood by the second-tier adopters. Ethereum’s utility alone will outstrip anything else.
In addition to making Ethereum faster and more efficient, London will also cause several Ethereum units already in circulation to be “burned” or destroyed. This is slated to make Ethereum much rarer, which could ultimately cause the price to get even closer to where bitcoin is. Diogo Monica – the co-founder and president of crypto bank Anchorage Digital – said:
For the many cryptocurrencies and defi applications tied to it, this is a large boost to better efficiency, so good for the overall crypto ecosystem.
Big Things for the Network
Paolo Ardoino – chief technology officer at the cryptocurrency exchange Bitfinex – was also quick to throw some words in, mentioning:
We are confident that [Ethereum’s] network upgrade will succeed in an overhaul of the network’s transaction fee market and other parameters such as gas refunds. This will have a positive impact on defi usage on Ethereum and help the network to realize its huge potential.