Numerous cryptocurrency market experts have assured us that Ethereum (ETH) can overtake Bitcoin (BTC) after the merger of the Eth 1.0 and Eth 2.0 networks. They expressed confidence that ETH’s capitalization can exceed the competitor’s and displace BTC from first place in the market when this event occurs.
The experts recalled that the Merge is an update that has been in development for a long time and will complete the transition of Ethereum from proof of work (PoW) to proof of stake (PoS). It is expected that this will reduce the amount of energy consumed for each transaction by 99.9%, leading to a decrease in the overall carbon footprint of cryptocurrency mining. This will make Ethereum the most preferred option in the market due to the problematic environmental situation in the world.
Analysts emphasized that for more than 10 years, BTC has maintained its position as the most valuable and main cryptocurrency. However, in recent years, the value of BTC has been highly volatile, which has caused concern among many investors. Analysts expect a “coup.” The term refers to a hypothetical scenario where the market cap of ETH exceeds that of BTC, marking a historic moment in the cryptocurrency market.
As of 15:40 Moscow time on July 25, 2022, the Bitcoin (BTC) cryptocurrency was trading at $22,009, which is 2.96% lower than the same indicator a day ago. Capitalization amounted to $420.5 billion.
The digital currency Ethereum (ETH) was sold at $1,540, which is 4.62% cheaper than a day ago. The total supply of virtual assets in the market was $187.52 billion.