Ethereum's rise to No.1 crypto 'seems unstoppable' says deVere Group CEO
The CEO and founder of one of the world’s largest independent financial advisory organizations, the deVere Group, has stated that Ethereum’s price appreciation should continue to beat Bitcoin’s in 2021.
The deVere Group chief executive Nigel Green also believes that Ethereum’s value will exceed that of Bitcoin's within a few short years.
“Ethereum is outperforming Bitcoin and it can be expected to continue this trend for the rest of 2021,” he said.
Ethereum has gained more than 300% so far this year whereas the world’s most popular digital asset is up 55% by comparison. “In fact, it has outperformed all other benchmark assets in the first half of this year,” added Green according to City AM.
The respected analyst attributed two key factors to Ethereum’s stellar performance in 2021. Ethereum has a higher level of real-use potential and is the most in-demand development platform for smart contracts he said, “thereby highlighting that network’s value not only as a platform for developers but as a worldwide financial utility,”
Secondly, Green commented that investor enthusiasm for the “game-changing” transition to ETH 2.0 represents a major boost not just for Ethereum, but for blockchain technology itself.
“Ultimately, this will mean that its value will exceed that of Bitcoin — probably within five years,”The company executive isn’t bearish on Bitcoin however and remains confident that Bitcoin will hit, or even surpass, its mid-April all-time high of $65,000 by the end of 2021. However he concluded that:
“Ethereum’s ascent to the top of the cryptoverse seems unstoppable.”In early June, deVere launched a fixed-yield bond that tracks futures of Bitcoin and Ethereum on the Chicago Mercantile Exchange.
Related:Ether already ‘flippening’ Bitcoin, says Celsius CEO
According to U.K. crypto exchange CoinJar, Ethereum has flipped Bitcoin in almost every metric that matters. In a blog post on Aug. 18, the exchange stated that Ethereum is already surpassing Bitcoin in a number of areas, including the number of transactions, total value transacted, daily active wallets, transaction fees and mining revenue.
According to Coinbase’s second quarter report, trading volume for Ethereum flipped that for Bitcoin for the first time in its nine-year history.
Trading in ETH made up 26% of total volumes in the second quarter, up from 21% in the previous three months, and higher than Bitcoin’s 24% for the period.