Ether, which happens to be the native token of Ethereum could be on its way to finally topple bitcoin. People have these speculating this for a long period of time but it seems like these speculations could finally turn out to be true. The chief executive officer of a Crypto Quant, which is a well-known analytics service claimed in a tweet that there is a huge possibility that ethereum could get the edge on bitcoin.
With BTC being above fifty percent in comparison to the lows it faced recently, there has also been a reawakening of altcoins and ether is not an exception either. The biggest altcoin ended up recapturing a level of $3000 during this week. Because of this, it is now going through retests for further support. Although a great deal of attention has been on the side of bitcoin, there is a great deal of optimism regarding Ether. One of these optimisms is that it will go way past bitcoin in the near future.
One of the major reasons behind this happening is that there have been pushes from the supply change through a hard fork. It is a shortfall of liquidity and could eventually raise ethereum to unprecedented heights before bitcoin ends up doing the same. Some renowned experts in the world of crypto also believe that ethereum could reach great heights long before BTC reaches its next height. Whatever the case, it remains to be seen which crypto ends up toppling the other. Regardless of all of that, it has been an interesting cat and mouse race between the two cryptos and there is definitely more to come.
As far as numbers are concerned BTC exchange reserves, in most cases, have been experiencing a decline ever since the month of May. However, they did end up reaching their peak around the end of July. After that, the reserves of BTC went to a decline once again, reaching close to $3million in a week. The trajectory of ethereum has been quite different in contrast. Compared to bitcoin and several other types of cryptocurrencies, the downtrend of ethereum has been more linear. The lack of relative volatility is a welcome change of pace in the crypto world and is appreciated by most crypto enthusiasts.
There have been a variety of polls and surveys conducted over the past few months and in most cases, it is suggested that Ethereum could come out of the top. These surveys included the opinions of well-reputed names from the world of crypto. It would be fair to say that this race will still continue for a long time to come and will ultimately favor crypto investors.