There are competing factors that favor one cryptocurrency over another. In the case of Ethereum, the blockchain’s smart contract capability has been the game-changer.
Also, the transition from Ethereum to PoS is expected to be the turning point for the entire Ethereum ecosystem. It would increase the use cases of ETH. Well, although BTC is the undisputed king coin, the popularity war between ETH and BTC continues.
ETH vs BTC
Ethereum and Bitcoin competed for the number one and two spots in the market cap rankings.
With new bullish stories emerging for Ethereum, many are wondering if Ethereum could turn Bitcoin in market cap and take the number one spot. The largest altcoin has won price dominance over its arch rival.
The ETH/BTC ratio, in the chart above, “from 0.074762 on Friday came within millimeters of an 8-week high of 0.074878,” Santiment tweeted. This was the largest ratio count for ETH/BTC since Feb. 4. In addition, the top 10 whale addresses still control a significant percentage of the supply.
This rise was also evident in the Bitcoin dominance chart. ETH’s Share Rose up to 18.64% compared to Bitcoin’s 42%. Several bullish attributes around ETH played an important role, for example the ‘Merge’. More than $30 billion was pumped into Ethereum’s market cap in seven days.
Holders also kept their shares without intending to sell. Ethereum on-chain data showed more than 1.2 million ETH exchanges in the past two weeks. The Ethereum Exchange Reserve dropped from 24.7 million ETH to 23.5 million ETH in just one week. That’s a 5% drop (1.2 million ETH).
Well, these positions could help further the biggest altcoin surge compared to Bitcoin. Ergo, proponents are choosing ETH over Bitcoin in their wallets.
For example, consider Arthur Hayes, the co-founder and CEO of the crypto exchange platform BitMEX.
in a new one blogArthur Hayes believed that, unlike Bitcoin, Ethereum was not a cryptocurrency that could be used as money, but rather an asset of the largest decentralized network in the world.