Bitcoin Up 9%, Ethereum Up 8% – Analysts Pick Their Favorite

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Last Updated on 7 August 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Bitcoin and Ethereum start the weekend with broadly higher prices this morning. At the time of writing, Bitcoin is up 9% and is trading at $43,400. Ethereum is up a good 8% and changes hands for $2,971. Other altcoins in the top 10 at CoinMarketCap show notable gains as well.

As Ethereum receives its so-called London Upgrade and starts to move from proof-of-work to proof-of-stake, many analysts are forecasting that the market capitalization of Vitalik Buterin’s coin just might overtake Bitcoin in years to come. Check out how to stake your Ethereum.

Ethereum 2.0, the series of upgrades that will allow the blockchain network to make surging transaction fees more manageable and move away from the energy-intensive model Bitcoin uses, won’t be done until mid-2022. Already now however, Wall Street investors are eager to put their money into the new network.

Ethereum is steadily climbing towards its all time high again, and $4,000 looks set to be broken before September starts.

Ethereum could flip bitcoin as the world’s number one cryptocurrency.

Tim Sabanov of crypto platform Zumo commented.

What Ethereum has done is look at something that already exists—bitcoin—and made it better. It has an extremely vibrant developer community and that means that the ecosystem is growing at astonishing speed.

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Cardano up next?

If the flip does indeed happen, many will start looking at Charles Hoskinson’s Cardano as well. Hoskinson worked with Buterin during the startup phase of Ethereum, and has reassured investors that his coin Cardano would perform even better in the future.

Even seasoned Wall Street commentators, such as Nathan Cox, who manages $100 million of digital investments, are convinced that Ether flipping Bitcoin is only a matter of time.

Nathan said:

In the long, long, multi-year timeline, yes, Ethereum will flip Bitcoin. It’s just now starting to be understood by the second-tier adopters. Ethereum’s utility alone will outstrip anything else.