Mike Novogratz sees valid case for Ethereum to become the top crypto, overtaking Bitcoin 

  • There are several indications that Ethereum could overtake Bitcoin to become the largest crypto by market cap. 
  • Ethereum’s London upgrade network had gone live on Goerli testnet earlier today. 

There have been comments from crypto investors like Galaxy Digital CEO Mike Novogratz, stating that Ethereum could overtake Bitcoin to be the largest crypto by market valuation. Novogratz revealed his opinion on Ethereum becoming the largest cryptocurrency while speaking in a recent interview with Bloomberg Technology. 

Ethereum performs better than Bitcoin

Already, Ethereum seems to be performing better than Bitcoin over the past months. The value of Bitcoin had seen significant fluctuations since Mid-April when it reached its all-time high of about $65,000. The top cryptocurrency by market cap has shed as much as 50 percent since then and currently trades at $33,000. Additionally, Bitcoin has only added 275 percent in the last 12 months, while Ethereum has climbed over 900 percent in the same period. 

Although Bitcoin is way ahead of Ethereum in its market capitalization, the top coin has lost more than 40 percent, falling from its $1 trillion market value. At the time of writing, BTC is down 3.58 percent to $624 billion in its market value. 

Notably, Ethereum has been making headlines with its latest developments which are positioned to pull in gains for the largest altcoin. Ethereum 2.0 is currently the most anticipated event in the crypto industry. Ahead of its launch, nearly 6 million ETH is now staked on the ETH 2.0. At press time, the total ETH staked on the ETH 2.0 network is 5,946,677 ETH, with 180,521 validators powering the blockchain. The amount of Ethereum staked showed how much investors are confident in the Ethereum network. The staked ETH is worth $12.7 billion, an increase over the 1.1 billion recorded in January. 

Ethereum 2.0 has gained more attention since its announcement in December last year. At the time, there were slow responses from investors as it is required to stake a minimum of 424,288 ETH coins before confirmation of the network. 

Ethereum’s latest development

In a recent update, the much anticipated London hard fork has gone live on the Goerli testnet. EthHub Founder Anthony Sassano announced that the London network upgrade (EIP-1559) went live in a tweet. 

The Ethereum Foundation had noted the release schedules of the recent developments in a blog post published in June. At the time, the Foundation stated:

This upgrade follows Berlin, which was activated only a few months ago on the Ethereum mainnet. By starting the work on London while Berlin was being rolled out, client teams were able to release this network upgrade at record speed!

Following the release of the London network upgrade (EIP-1559) on the Goerli testnet, the next step is the deployment of the upgrade on the Rinkeby testnet. This is scheduled to occur on the 7th of July. After the upgrade successfully activates on the Ethereum mainnet, a block will be set for activation. 

 

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Bio: Ibukun Ogundare is a crypto writer and researcher who uses non-complex words to educate her audience. Ibukun is excited about writing and always looks forward to bringing more information to the world.

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