As Bitcoin continues to languish under the $40,000 mark, an old debate in the crypto market has resurfaced. However, this time prominent investors have decided to fight back.
A certain article on Bloomberg was published on May 31, which claimed that Ethereum will overtake Bitcoin as the most dominant cryptocurrency and become the gold standard in the crypto market, they also cited multiple sources to support their claim.
The co-founder of Edge and Node, Tegan Kline told Bloomberg that Ethereum brings innovation and developer’s interest to life, making it superior to Bitcoin, and it will eventually overtake Bitcoin. Currently, the market cap of Ethereum is under half of the value of Bitcoin but the distance was much less significant before this recent market crash.
The ongoing debate between which digital asset is superior has been a debate that has occurred for years between crypto enthusiasts. Ethereum’s latest upgrades and the PoS integration have kept its profile high above the ground. Ethereum has outperformed Bitcoin this year and has established the foundation of decentralized finance.
Ethereum is also one of the major altcoins that have preserved its price gains than Bitcoin did, weeks prior to the market rattling. The moving key average price has remained intact for Ethereum, while Bitcoin has been spiraling down.
Major investors and non-bitcoin users have stated their opinion on the debate. Among them is billionaire investor Stanley Druckenmiller who shared his views in an interview with The Hustle.
Druckenmiller stated Bitcoin has a limited supply and is a brand name established a decade ago. He compared Ethereum and Bitcoin’s comparison to MySpace and Google, implying the latter is on another level compared to the former.
Other investors have pointed out that Bitcoin and Ethereum have little to nothing in common. Bitcoin has existed for a decade and has years of resistance against attacks, while also having a limited supply of coins, making it the most dominant cryptocurrency in the market that other coins follow.
