Mike Novogratz – Ethereum Could Surpass Bitcoin to Become the Top crypto
Crypto investors such as Galaxy Digital CEO Mike Novogratz have stated that Ethereum may replace Bitcoin as the largest cryptocurrency by market capitalization. In a new conversation with Bloomberg Technology, Novogratz expressed his thoughts on Ethereum being the largest cryptocurrency.
In the last several months, Ethereum appears to have outperformed Bitcoin. Since mid-April, when it hit an all-time peak of around $65,000, the value of Bitcoin has fluctuated significantly. Ever since, the leading cryptocurrency by market capitalization has lost up to 50% of its value and now trades at $33,000.
Furthermore, Bitcoin has only increased by 275 % in the last year, but Ethereum has increased by almost 900 percent. Despite the fact that Bitcoin has a much larger market capitalization than Ethereum, the top currency has shed over 40% of its value since its peak of $1 trillion.
BTC’s market value has dropped 3.58% to $624 billion at the time of writing. Interestingly, Ethereum has been generating news with its recent advancements, which are expected to boost the largest altcoin’s value. The most awaited development in the crypto world right now is Ethereum 2.0.
Approximately 6 million ETH has been staked on the ETH 2.0 ahead of its debut. At time of writing, the ETH 2.0 network had a total of 5,946,677 ETH staked, with 180,521 validators fueling the blockchain. The quantity of Ethereum staked reflected investors’ faith in the Ethereum platform. The value of staked ETH has increased to $12.7 billion, up from 1.1 billion in January.
— Bloomberg Technology (@technology) June 30, 2021
Since its introduction in December of last year, Ethereum 2.0 has gotten a lot of attention. Investors were hesitant to respond at the stage since the network needed a minimum stake of 424,288 ETH tokens before it could be confirmed. The much-anticipated London hard fork has now gone live on the Goerli testnet, according to a latest update.
In a tweet, EthHub Founder Anthony Sassano announced the launch of the London network upgrade (EIP-1559). In a blog post released in June, the Ethereum Foundation mentioned the release dates of recent advancements. The Foundation reported at that time:
“This update comes after the activation of Berlin on the Ethereum mainnet just a few months back. Client groups were able to rollout the network upgrade at breakneck speed by commencing work on London as Berlin was being put out!” The next stage is to install the London network update (EIP-1559) on the Rinkeby testnet, after its implementation on the Goerli testnet. The 7th of July is the date set for this. A block will be prepared for activation when the upgrade has been effectively activated on the Ethereum mainnet.
The London network upgrade (EIP-1559) is now live on the Goerli testnet 🔥
Watch ETH being burned here: https://t.co/fQCH5kDMNJ
— Anthony Sassano Ξ 🦇🔊 (@sassal0x) July 1, 2021