Tyler Swope, an influential trader in the crypto space, suppose i think Ethereum will appreciate more than Bitcoin as BTC enters another bull phase.

ETH / BTC chart | Source: Tradingview

As Ethereum’s dominance grows and the ratio of Ethereum’s value to Bitcoin continues to narrow, Swope expects the second largest cryptocurrency by market capitalization to outperform its rivals.

“Aether is increasing in speed and ready to move on to extremely bullish. When Bitcoin shows signs of an upward trend, Ether will often take the lead with more profits, especially in these markets.

Swope says Ethereum’s resilience is one of the factors in its favor, which became apparent after China’s mining ban.

“The Ethereum hash rate is down about 20% from its May high, while Bitcoin is down over 50%. Now that there are two possible explanations for why this is happening and which are reasonable, this is the incredible upward trend for Ethereum versus Bitcoin. “

• Case number one – Ethereum mining is more globally distributed than Bitcoin.
• Case number two – Ethereum mining is not affected like Bitcoin is in China

Whatever the case, what’s going on in China, it looks better for Ethereum. “

Swope says Ethereum’s protocol upgrades are planned, such as the London hard fork, which is also working in favor of Ethereum. The hard fork will be the transition from Proof-of-Work (POW) consensus to Proof-of-Stake (POS) consensus for Ethereum.

Other factors helping Ethereum include a change in Ethereum’s fee market mechanism through the EIP-1559 update and a scalability upgrade, according to Swope.

“In terms of protocol upgrades, too, things look much better for Ethereum. Ethereum’s London hard fork is expected to shut down on July 7th on the final testnet. At the end of July or beginning of August, the launch of EIP-1559 will be welcomed.

“The upgrade of the core protocol is thrilling the market. But that’s not the only upgrade that’s coming. There are special upgrades in terms of scalability and also how Ether is staked. “

Teacher

According to Dailyhodl

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