Is The Merge, Ethereum’s Best and Only Chance to Flippen Bitcoin?

Estimated read time 3 min read
  • Ethereum and Bitcoin maximalists are locked in yet another supremacy battle with Ethereum’s ETH set for a rally in the next couple of weeks.
  • With the Merge upgrade expected in a few weeks, Ethereum maximalists believe that the second largest cryptocurrency by market cap can climb to surpass Bitcoin.

Bitcoin has rightfully reigned supreme over the crypto market since its creation by Satoshi Nakamoto, but just as Ethereum’s Vitalik Buterin discovered, it has its shortcomings most of which Ethereum seeks to solve. Being one of the oldest and most sound projects in the ecosystem, Ethereum has gained great traction and is by far the biggest altcoin based on several metrics including market cap, network usage, and developer activity.

Despite Ethereum’s reigning king of altcoins, it has come short of Bitcoin’s dominance in market cap. As of press, Bitcoin’s market cap stands at $441 billion, more than double that of Ethereum’s $201 billion. However, although Bitcoin remains ahead, Ethereum has been gaining major ground by frequently outperforming Bitcoin during market rallies. In just the last 24 hours, Ethereum has climbed by nearly 8% while Bitcoin is under 5% for the day.

Part of Ethereum’s good performance is owed to retail and institutional interest ahead of the much anticipated The Merge upgrade. The upgrade has been hailed as one of the most important upgrades in the project’s lifetime. One key change that comes with the upgrade is its shift from proof-of-stake (POS)to Proof-of-work (POW). This promises to make it more energy efficient and bring down transaction costs.

When Flippening

As interest and optimism about the long-term prospects of Ethereum grow, Ethereum maximalists are beginning to wonder when their favorite coin might climb above Bitcoin. Quantum Economics Founder and Chief Executive Officer Mati Greenspan have recently noted that indeed investors are keen to see this incredible event. He in fact expressed confidence in this taking place.

Even though there’s no guarantee this will ever happen, just looking at the numbers, it does seem like this event is getting closer by the day.

With the Merge set for September, market analysts expect demand and prices of ETH to continue climbing. In the short span of the upgrade, Ethereum is highly unlikely that it can catch Bitcoin unless there’s an extraordinarily fundamental change in either or both projects. However, with Ethereum set to attract even more investors, users, and developers after the upgrade, the flipping might be all but certain.

Mary Jane

A writer. A poet. A believer in financial innovation.

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