The post Will Ethereum (ETH) Price Run To $7000 Dethrone Bitcoin’s Dominance? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide
The crypto sphere amidst the economic turbulence has been skittish over the future prospects of the industry. Which in turn has led folks from the business to contemplate the future of legacy cryptos. As the ails prevailing from economic imbalances and their adjustments, regulatory norms, and other factors have been tormenting the space.
Successively, crypto folks are now pondering over the possibility of the economic differences giving rise to flippening. As the star crypto, Bitcoin follows the suit of the traditional asset class, losing out on its dominance at a gradual pace. In the interim, an industry proponent sheds light on Ethereum flipping Bitcoin’s market cap hegemony.
Is Bitcoin On The Verge Of Losing Out Of Its Game?
The flippening thesis has been creeping into the masses of the crypto market, as altcoins have been growing stronger each passing day. Meanwhile, a proponent from the business sheds light on the possibility of Ethereum flipping Bitcoin’s market cap. To attain which ETH price would have to reach around $7000, while BTC’s price remains unchanged.
Whilst the benchmark seems possible, there are a number of factors revolving around the hypothesis. In succession, institutional exposure, futures ETF have been giving significant impetus to Bitcoin’s hegemony. Moreover, the approval of spot ETFs would give BTC a trump card over flipping.
In addition, BTC has been an ideal store of value, and a medium of transaction for the masses. According to sources, in the past year, Bitcoin has processed $3.0 T worth of payments, surpassing that of American Express. Moreover, the level of decentralization has always set it apart.
On the contrary, Ethereum’s dominance in utility and hold on to the market’s diverse offerings has been its USP. Moreover, Ethereum ETFs, although at a later stage, still remain on cards. What holds back both the networks are their set of limitations, while Bitcoin has its utility and environmental concerns. Ethereum has its scalability limitations, high gas fees, delay in ETH 2.0 merger, and rivals.
Summing up, flipping might be off the horizon in near future, considering FED’s amendments, and the bill by America Competes. That said, if things fall in place for the star altcoin, it could rise above Bitcoin, provided the ETH 2.0 arrives prior to Bitcoin’s spot ETF. While things are debatable, portfolio management is what traders need to look forward to for extracting the most out of the business.
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