With Ethereum continuing to outperform Bitcoin vs USD in 2021, crypto analyst and investor Qiao Wang, a former Director of Products at Messari, explains why “we have to acknowledge a nonzero probability of ETH flippening BTC around July.”
Currently (as of 09:15 UTC on May 4), Bitcoin is trading around $56,196, which means that it is up 93.78% vs USD in 2021; meanwhile, Ethereum is trading around $3,356, which means that it is up 355.35% vs USD in the year-to-date period.
Earlier today, Wang explained that although he does not believe that there is a high probability of $ETH flippening $BTC by July, which is when Ethereum’s London upgrade is due to go live on the mainnet, we should acknowledge that there is a nonzero chance of this happening because of three reasons: continuous spot buying of Ethereum (by both retail and institutional investors), rotation of funds from $BTC to $ETH (as people start to get frustrated with Bitcoin’s relatively lacklustre performance in the past few weeks and as they better understand Ethereum’s huge growth potential), and the excitement around EIP-1559, which is the most important part of the London network upgrade.
A few fours later, New Zealand based crypto analyst and influencer Lark Davis ran a Twitter poll.
As of 08:30 UTC on May 4, with 7,245 votes cast, the majority of those who have voted seem to believe that one day Ethereum will have a greater market cap than Bitcoin.
Messari research analyst Ryan Watkins, who believes that “there‘s never been an asset before like ETH”, explained why he is so excited about ETH 2.0.
Crypto analyst Josh Rager offered this technical analysis of Ethereum’s latest price action.
According to Bybt (as of 09:44 UTC on May 4), there were around $523 million $ETH positions liquidated across crypto derivatives exchanges (vs around $443 million $BTC positions).
And finally, Vance Spencer, a co-founder of Framework Ventures, offered this interesting observation: