Ethereum Could Replace Bitcoin as Top Cryptocurrency: Here’s Why
• Bitcoin and Ethereum have very similar year-to-date performance and drawdown from their all-time highs (ATHs). Bitcoin has risen by 25.5% and declined by 69.9%, while Ether is up 27% and down 68.9%.
• Dragonfly Capital’s Haseeb Qureshi believes Ethereum may replace Bitcoin as the largest cryptocurrency by market cap within the next few years or during the next bull cycle. He argues that the coin is more ESG friendly and more attractive to institutional investors.
• BitStarz recently had a record win of $2,459,124 and could offer potential investors the chance to make a big profit with Ethereum.
Bitcoin and Ethereum have seen very similar performances in the year-to-date period and their drawdown from all-time highs. Bitcoin has risen by 25.5% since the start of the year, while Ethereum has climbed by 27%. From their ATHs, Bitcoin has declined by 69.9%, and Ethereum has dropped by 68.9%. This comparable performance has led to speculation about whether Ethereum could replace Bitcoin as the largest cryptocurrency by market cap in the near future.
One proponent of this idea is Haseeb Qureshi, the managing partner of Dragonfly Capital. In a recent interview, he argued that if any cryptocurrency is going to reach $1 trillion, it will be Ethereum. He believes that institutional investors are increasingly looking for coins which comply with their ESG agenda, and Ethereum is the only coin that fits the bill. Furthermore, he mentioned that it is becoming more difficult for institutions to justify investing in Bitcoin.
In addition to this, there is also the potential for investors to make big profits with Ethereum. BitStarz recently had a record win of $2,459,124, and this could potentially be replicated with Ethereum. With the coin’s increasing popularity in the eyes of institutional investors, it could be a wise investment decision for those looking to make a large return on their investment.