With the news about the latest network upgrade, the world’s second largest cryptocurrency, ETH, is optimistic and is seeing an upward trend after a lengthy consolidation phase. At the time of writing, ETH is trading over $ 2,065, up around 8% in a week. Additionally, ETH has also seen an impressive percentage of returns versus Bitcoin in recent years.
Bitcoin and ETH earnings over the past 12 and 48 months | Source: Coin stacks
This article will delve deeper into the question of whether ETH can beat BTC to become the largest cryptocurrency in the years to come, based on the estimates of the famous Bitcoin bull.
As reported by Bitcoin Magazine, Mike Novogratz, CEO of Galaxy Digital, stated in a recent interview:
“I think ETH will most likely one day become the second largest or even the largest cryptocurrency.”
However, in his opinion, ETH has a “completely different use case” than Bitcoin.
Regarding Bitcoin, he said that the king of cryptocurrency is a “beautifully designed store of value”. Ethereum serves as the “base layer for Web 3.0 on which everything is built”.
However, Ethereum is currently facing “strong competition from ecosystems such as Solana, Terra and others”. He added:
“… Many innovations will come and be based on Ethereum or one of these platforms that will inspire you in the next 5 years.”
Regardless of the market correction, it reiterated the positive sentiment towards the crypto industry as a whole.
“Still in the early stages of this revolution… But nobody thinks the system will go away. Regulation will strengthen the system in many ways. “
The following table illustrates the forecast made by Coinstack analyst Ryan Allis.
BTC and ETH market capitalization, price and annual growth rate | Source: Münzstapel
According to the analyst:
“I would expect Bitcoin and ETH to reach gold’s current market capitalization ($ 11 trillion) by 2025 and ETH to surpass Bitcoin’s market capitalization by December 2025.”
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