After the recent crypto crash, many altcoins and Bitcoin have made a recovery, none of these has been able to work out all of their value, but a lot of the gap has been closed. But none of these cryptocurrencies has made a recovery like Ethereum, as the cryptocurrency has really done well for itself. Ethereum, at the given moment, is almost trading at $2800 and is the second cryptocurrency by market cap right after Bitcoin. Mike McGlone, the senior Intelligence commodity strategist, has published a report according to which Ethereum is currently at a higher-beta bull market path.
Ethereum might be on the Path to Overtake Bitcoin
It is not the most thrown-out term in the crypto market, and that is why you need some understanding; it corresponds to the time in 2017 when Bitcoin was trading at $1000 and suddenly took a high-paced bullish run to end up at $20k. Mike thinks that the same could happen for Ethereum; due to the environmental concerns and studying the market charts for Bitcoin and various other altcoins, it has come forth that bullish run might not be sticking with Bitcoin, and that leaves Ethereum open for the spot. It is entirely possible that Ethereum might take the spot of Bitcoin and become the first cryptocurrency by market cap. But at this moment, all of this is nothing but speculation, and it can’t be said how things would pan out.
The so-called flippening, as some traders and senior crypto community members call it, has already started to happen as the 10-day average trading volume for Ethereum has doubled, which provides insight into its current trading and the volume of the transactions taking place on its blockchain. Ethereum is facing some competition from other cryptocurrencies and the technologies these are using for the sake of getting ahead in the race, but Ethereum has already proved that it is the go-to cryptocurrency for the sake of digitalization of money and finance and the adoption criteria are also generally more pleasant for Ethereum.