Bitcoin has remained stuck in a $54,000-$60,000 range recently to maintain a sideways oscillating trend, while Ether continued to soar over the same period, breaking $400 for the first time on the evening of May 9. As of press time, Ether is trading at $4,116.06, bringing its market cap to $476.6 billion, compared to Bitcoin’s $109.1 billion, according to data from the BizTrust terminal. If you compare banking giant JPMorgan Chase, its market cap is $448 billion, just $11.4 billion shy of Ether.
Year-to-date, ethereum is up about 435%, while bitcoin has “just” about doubled. While Bitcoin is considered the currency of the Internet age, also known as Gold 2.0. But traditional financial entrepreneurs, who are more interested in the financial ecosystem of ethereum, and the Defi, which is in full swing, are looking to ethereum to change the rules of traditional finance.
Analysts Rekt Capital have spotted the recent start of an upward trend in ETH / BTC, the first time since 2017 that we have seen such a massive rise.
But compared to Bitcoin’s $1 trillion market cap, Ether still has a long way to go. It is worth noting that with the soaring value of Ether and the gradual entry of institutional investors, V God, the founder of Ether, who just became the youngest cryptocurrency billionaire, is confident about the future of Ether. On the difference between Ether and Bitcoin, V God expressed his views from the community’s perspective, “There’s really a big difference in philosophy between the Ether and Bitcoin communities, and Bitcoin advocates really value the “purity” of the nodes, that is, the users can use the current Bitcoin nodes to directly verify the value of the nodes from the moment they are used. can directly verify everything that has happened since the first day Bitcoin was created. But for ethereum, future researchers will have to use earlier clients to examine earlier parts of the chain, and ethereum nodes are iterative. This difference between the community and the blockchain isn’t the only thing that makes the Bitcoin and Ether communities different.”
Ether supporters have taken to social media to wave the flag for the goal of reaching $10,000 by the end of this year. While that may seem far-fetched, other analysts predict that the price could reach at least $6,000 by the end of the year as long as Ether maintains its current momentum. And cryptocurrency derivatives trading platform Deribit also went live on Monday with an Ether option with a strike price of $50,000, the highest strike price option in Ether’s history, with 12,500 options traded so far. The options will expire on March 25, 2022. By comparison, reaching $10,000 by the end of this year can only be considered a small goal.
Part of the reason for Ether’s rise is the upcoming “London” hard fork upgrade in July, which is planned to significantly reduce the gas fee and thus increase Ether’s availability again. And Ether’s steering of its consensus mechanism toward proof of stake will also dispel the so-called environmental arguments of the anti-cryptocurrency crowd.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/market-capitalization-approaching-jpmorgan-chase-can-ether-be-expected-to-hit-10000-by-the-end-of-the-year/
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