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'Fulfilment of Satoshi's Dreams' Ethereum Gets a Nod from JPMorgan

cryptonews.com 29 April 2021 11:15, UTC

Vitalik Buterin's father, Dmitry, may agree with this, while he is also voicing out his agreement with the statement that "Ethereum is the fulfillment of Satoshi's dreams" - Satoshi Nakamoto being the anonymous creator of Bitcoin.

@wheatpond As a father I support the proud papa, cringe or not.
— Palley (@stephendpalley)

Meanwhile, JPMorgan concluded that,

"To the extent owning a share of this [ETH's] potential activity is more valuable, the theory goes, ether should outperform bitcoin over the long run."

In the past year, ETH skyrocketed by 1,305%, compared with BTC's 594%. Moreover, ETH keeps hitting its new all-time highs (ATHs) this month, almost touching USD 3,000 today, while BTC is down by 17% from its ATH of USD 64,805 (per Coingecko), reached 15 days ago.

At 13:50 UTC, ETH trades at USD 2,769 and is up by 3% in a day and 52% in a month. BTC is down by 2% in a day and almost 7% in a month, reaching USD 53,885.

Also, per the note, as shared online, the banking giant stressed that,

"Nevertheless Bitcoin has remained dominant well into the DeFi [decentralized finance] boom that started late last year. If anything, the total value locked in such contracts has slowed down in recent months."

Total value locked in DeFi is now USD 65bn, per DeFi Pulse. To put this in perspective, it got to this number from USD 1bn hit in late May 2020 - in less than a year.

The bank's statements, though, are seen as bullish for altcoins. "When Wall Street banks start covering [altcoins] like ETH, you know we are going to be in alt season soon," said Eugene Ng, Gemini's Business Development Head for the APAC region.

Commenters are, however, arguing whether the common statement that "ETH does not compete with BTC because they are totally different things" is really true. According to one Redditor, that's hardly the case, stating that the two projects do compete for capital allocation. Many analysts argue, said the commenter, that Ethereum is superior to Bitcoin in every aspect pertaining to monetary networks, except that Bitcoin has already reached "ossification," which Ethereum will enter it in 2-3 years.

"The BTC vs ETH debate reminds me of how fax machines did not compete with the internet because "they were totally different things"," said 'TheWierdGuy'. "That is entirely true, but the first is just a small subset of what the second is capable of doing."

Others note that, when BTC's price maintains a certain level for a few days, there are those who start writing it off as a version one, or a prototype, establishing a path for the arrival of the real thing.

@TheStalwart Empirically a strong indicator that the market will soon turn and Bitcoin dominance will increase
— Hasu (@hasufl)

Per 99Bitcoins data, Bitcoin has already been declared dead 408 times.

As for the prospects of the second project by market capitalization flippening the first one this year - which would surely be a historic moment - above half of more than 3,000 respondents in a Twitter poll said 'no'.

cryptonews.com