Ethereum Will Beat Bitcoin in Market Cap, Says Crypto Expert

The post Ethereum Will Beat Bitcoin in Market Cap, Says Crypto Expert appeared first on Coinpedia Fintech News

The overall cryptocurrency market has turned bullish after the potential interest rate cut announcement by Fed Chair. Amid this uptrend, Nick Tomaino, a crypto expert and the founder of 1Confirmation, published a report on X (previously Twitter) stating that Ethereum (ETH) will flip Bitcoin (BTC) by the market capitalization in the next five years.

This post on X has gained massive attention from the crypto community due to the market cap of both ETH and BTC. According to Coinmarketcap, BTC’s market cap is around nearly $1.2 trillion whereas, the ETH market cap is nearly $321 billion, about four times lower than BTC’s.

1confirmation Q2 2024 LP letter pic.twitter.com/7aysi4xCYL

The potential reason behind this speculation is the adoption. According to the report, BTC has a clear narrative as a “digital gold,” which institutions have purchased significantly. On the other hand, Ether has been the most impactful blockchain in the space for the past 5 years.

Additionally, ETH is the chain attracting the most talented developers in the world who are building the decentralized internet and ETH is the digital oil that powers it.

According to the report, the ETH’s use case may attract more investors from Wall Street. These investors are expected to aggressively promote the ETH narrative worldwide in the coming years. However, this remains a long-term speculation that might attract long-term investors.

In the short term, ETH looks bullish as it has experienced a breakout of a consolidation zone between the $2,510 and $2,750 levels, where it had been trading for the last 14 days. Expert technical analysis hints this breakout could lead ETH to the $3,000 level and even more in the coming days.

Currently, ETH is trading near $2,760 and has experienced a price surge of over 3.5% in the last 24 hours. Meanwhile, its trading volume has jumped by 40% during the same period, indicating higher participation from traders following the rate cut announcement.