[Analyst sees the market outlook] Will ETH surpass BTC? London hard fork time is approaching

On the whole, it’s quite boring. The most important thing is to keep patience.

Ethereum is indeed the “new favorite” of institutions, once again recognized by Goldman Sachs, and believes that it may surpass Bitcoin in the future. Although cryptocurrency does not require the approval of other personal institutions, being optimistic about influential investment institutions like Goldman Sachs can also attract the attention of other investment institutions and investors.

In its latest report to customers, Goldman Sachs commented on Ethereum: The blockchain with the highest “practical potential” is Ethereum, which indicates that its ETH may become the dominant store of digital value. It is predicted that the total market value of Ethereum may exceed the total market value of Bitcoin in the next few years.

Goldman Sachs’s judgment on this is based on the fact that Ethereum is the native digital currency platform and the most popular smart contract application development platform. Smart contracts include software that can automatically execute digital contracts. This technology promotes the booming of decentralized finance (DeFi) protocols and encryption-driven decentralized applications (DApps).

Goldman Sachs’s statement is that Bitcoin’s current high price and cohesion are mainly due to Bitcoin’s first-mover advantage, but it lacks some of the use cases of Ethereum and the transaction speed is lagging behind. Due to its focus on hard currency and network security, Bitcoin has not yet provided the same level of functionality as Ethereum. In fact, to put it plainly, it means that Bitcoin’s network and applications are not as good as Ethereum.

This can be verified from Celsius Network. Celsius Network is a cryptocurrency depository and lending company that manages $17 billion in digital assets. Its founder and CEO stated on Monday that in terms of platform user holdings, Celsius Network is a cryptocurrency depository and lending company that manages $17 billion in digital assets. The value of Ethereum held has surpassed Bitcoin, and I believe that Ethereum will surpass Bitcoin in market value in 2022 or 2023.

Coincidentally, Amsterdam market analyst Michaël van de Poppe believes that the number of ETH/BTC will continue to grow, showing an upward trend, that is, the price gap between ETH and BTC will become smaller and smaller, especially after the London hard fork. There is a qualitative change. In addition, the biggest help brought by the London hard fork is that it can solve the problem of high gas and transaction fees in the blockchain. It also aims to make ETH a deflationary token by destroying the basic network fees. 

From the application side and the analysis side, the two directions have given different views, but the direction is unified, that is, the gap between ETH and BTC will become smaller and smaller, and even surpass BTC.

We partially agree with this statement, that is, we recognize the strong potential of ETH, but BTC will also show a simultaneous upward trend. One thing is very good, that is, the value of ETH will definitely increase with the application and functionality of Ethereum, but this is also a positive stimulus for Bitcoin.

Bitcoin does have a first-mover advantage, but it is this advantage that makes it unique. There is no other currency without other Bitcoins. Bitcoin can not be used as any functional existence, but as an investment asset, as an auspicious It is reasonable that things only have investment value. Regardless of whether ETH or other currencies become more functional and higher in value, isn’t it the side that verifies the possibility of cryptocurrency? At the same time, it is also increasing Bitcoin’s acceptance in disguise.

Goldman Sachs and other analysts including the market believe that ETH will surpass BTC. It may mean that the proportion of ETH will gradually rise without new funds. However, the market audience will likely become wider and wider, and funds will continue to flow in. ETH And BTC does not necessarily have a relationship of increasing and increasing, and we can expect the common growth of both.

However, the recent increase of ETH is much stronger than that of Bitcoin. Bitcoin has been volatile for a long time, and ETH has risen from around $1,700 to around $2,400.

Today’s market can be said to be good. After a few confirmations in the morning, the market went straight up, but it didn’t pull much. But so far, it has not reached $1,000 and is close to $35,000.

The market is still under pressure near 35,000 US dollars. The previous two continued upswings in the range of 35,000-36,000 US dollars were not very good, and there is a hint of speeding up to escape at this position, and it will collapse after a slight upward pull. Look at this time. Can it be improved?

[Analyst sees the market outlook] Will ETH surpass BTC? London hard fork time is approaching

On the whole, it is a relatively boring shock disk. For long-term holders, it is not very recommended to pay attention to the short-term market. After all, this time I have experienced the above “severe beating”. After the official release, it takes a certain amount of time to relax, so keep it Patience is the most important thing, as long as you believe in the final result is enough.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/analyst-sees-the-market-outlook-will-eth-surpass-btc-london-hard-fork-time-is-approaching/
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