Bitcoin’s market dominance has fallen this year from nearly 70% to about 40%. Meanwhile, ether’s market share has swelled from 10% to 20%, with the world’s second-largest cryptocurrency now commanding a market capitalization of about $360 billion.
Ether surged Thursday after the long-awaited launch of a software upgrade meant to help the cryptocurrency transition to a more environmentally friendly blockchain network—a development that alongside surging mainstream adoptions has helped the world’s second-largest cryptocurrency far outperform larger rival Bitcoin .
Within technology circles, it’s not uncommon to encounter fierce debate about a variety of topics. In recent years, none have been more contentious than the battles over which cryptocurrency and blockchain pair will eventually come to dominate the rest. Since the beginning of the crypto wave, the clear consensus choice has been Bitcoin , which has sat atop the market capitalization charts from the earliest days.
Most experts don’t expect that to last, however. As the grandfather of all cryptocurrencies, the Bitcoin blockchain is beginning to show its age. It suffers from a variety of real-world limitations, not least of which is its inability to scale. Seeking to replace it in the race for dominance, a variety of alternative blockchain implementations have risen up to solve some of the inherent problems associated with Bitcoin’s blockchain, but so far none have managed to capture any significant slice of the market.
Ether surged after the long-awaited launch of a software upgrade meant to help the cryptocurrency transition to a more environmentally friendly blockchain network—a development that alongside surging mainstream adoptions has helped the world’s second-largest cryptocurrency far outperform larger rival Bitcoin .
Assuming the stages go over without any issues the new Ethereum 2.0 should emerge from the process in a great position to finally end Bitcoin’s long reign as the cryptocurrency king. It will be a trusted system with far fewer scalability issues and a much larger feature set than its primary competitors. Only time will tell if the launch of the upgrade will be the signal of a new blockchain era, but the one certainty is that a new day is dawning for Ethereum – and for the cryptocurrency space as a whole.
1- With the advent of Ethereum2, the market conditions are different from before, and if this project succeeds, the future of the market will change.
2. The king of cryptocurrencies , bitcoin loses full control, but Ethereum can take the lead and direct the market at least for a while.
3-And it could mean that with the fall or rise of bitcoins , altcoins market will change less and the correlation between altcoins and Ethereum will increase more and more.
4- Reaching the second step and dominating 50% for the Ethereum is not far from expectation and maybe even in a temporary period it can reach about 82% of dominance in the third step.
5- Because Ethereum blockchain network today has tough and successful competitors such as Solana, Cardano, Polkadot, Neo, Tezos, …etc., its dominance definitely decreases over time.
👉This analysis is my personal opinionand you are responsible for your own trading or investment.💯
💜 if you’re a fan of my analyses give a big thumbs 👍 OR drop a comment 🗯💭
🙏with Best Regards and being successful ❤️