dailyhodl.com
Cryptocurrency trader and influencer Tyler Swope says Ethereum stands to appreciate by a greater magnitude than Bitcoin once BTC enters another bullish phase.
Swope says that as Ethereum’s dominance grows and the ratio between the price of Ethereum versus the price of Bitcoin continues to narrow, he expects the second-largest cryptocurrency by market cap to rally more intensely than its rival.
“…Ether is gaining ratio and ready to turn extremely bullish. If Bitcoin gives any sign of the bull green, Ether is usually going to be off and off to the races by much more, especially in these markets.”
The YouTuber says that Ethereum’s resilience is one of the factors working in its favor, which became evident after the China mining ban.
“Ethereum’s hash rate collapsed by about 20% from its May highs, while Bitcoin dropped by over 50%. Now there are two scenarios for why this happened, and whichever one is correct, it’s freaking bullish for Ethereum versus Bitcoin.
Number one scenario – Ethereum mining is more globally distributed than Bitcoin…
Or number two – Ethereum mining is not getting hit like Bitcoin in China…
So no matter what’s [sic] the case, whatever is going on in China with Ether mining right now, things are looking better for Ethereum.”
Swope says that the planned Ethereum protocol upgrades, such as the London hard fork, are also working in Ethereum’s favor. The hard fork will prepare the cryptocurrency for a change from a proof-of-work to a proof-of-stake consensus mechanism.
Other factors that help Ethereum include the change in Ethereum’s fee market mechanism via the Ethereum Improvement Proposal (EIP) 1559 update, and the scalability upgrades, according to Swope.
“Things are also looking much better for Ethereum in terms of protocol upgrades. Ethereum London is scheduled to go down on the last testnet on July 7th. This all going to plan means late July or early August for the launch of EIP-1559…
That core protocol upgrade is getting the markets excited. But it’s not the only upgrade coming. There’s [sic] upgrades coming to scalability and also to how Ether is staked.”