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Ethereum (ETH) Shoots To $3000, Crowd Sentiment Overwhelms Bitcoin


coingape.com 07 August 2021 04:55, UTC
Reading time: ~2 m

The Ethereum (ETH) bulls have continued to rage in pushing the ETH price all the way to $3000. As of press time, Ethereum is trading 8.34% up at a price of $2977 with a market cap of $344 billion. It is for the first time since May that the ETH price has crossed $3000 levels.

The massive rally comes amid all the excitement around the Ethereum London hardfork which clears the way further for the implementation of Ethereum 2.0 Proof-of-Stake (PoS). The implementation of EIP-1559 and the fee reduction are likely to fuel the DeFi activity happening on the Ethereum blockchain.

With this astounding price surge, Ethereum continues to dominate all the crypto discussion rates. On the flip side, the Bitcoin-related discussions have dropped to a one-month low, reports on-chain data provider Santiment.

Will Ethereum Outpace Bitcoin?

The most popular Bitcoin vs Ethereum debate catches heat once again. There’s much chatter in the crypto space regarding Ethereum (ETH) outpacing Bitcoin’s performance post the complete launch of Ethereum 2.0.

Earlier this week, speaking at the Reuters Global Markets Forum, Pantera Capital CEO Dan Morehead stated that the upcoming upgrade will help Ethereum to outpace Bitcoin. Since Ethereum shall be transitioning to the Proof-of-Stake (PoS) model from the existing Proof-of-Work (PoW), there’s will be a significant drop in Ether’s energy consumption.

Morehead believes that this will further boost Ether’s wide implementation in decentralized finance (DeFi) applications thereby helping Ethereum outgrow Bitcoin. “You’ll see a transition of people who want to store wealth, doing it in Ether rather than just Bitcoin,” he noted.

This year so far, Ethereum has already outperformed Bitcoin by a great margin. While Bitcoin’s year-to-date returns stand at 30%, ETH is trading at 4x or a staggering 300% returns as of the current price.

The London hardfork has set up the expectations from Ethereum developers to a higher platform. As Vitalik Buterin said, we can expect the Ethereum 2.0 launch by this year-end or early 2022.

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