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Can Ethereum Surpass Bitcoin?
Yesterday, the price of BTC still hovered around $45,000, the altcoin market in recent days has also increased sharply. Looking back at the growth of some major coins over the past month, BTC is up more than 32%, ETH is up 47% stronger, or ADA is up 34%, XRP is up 54%.
The second largest coin by ETH market capitalization surged in part due to the effect of investors being surprised by the amount of ETH burned when the EIP-1559 update was implemented.
With the growth in price, BTC currently has the 7th largest market capitalization in the world’s top companies and assets. BTC capitalization has surpassed the capitalization of Tesla, Berkshire Hathaway,… Even Ethereum has reached the market capitalization of 25th, surpassing the capitalization of Mastercard, Bank Of America,… In the future, we will see crypto assets rise and occupy higher positions in the market capitalization rankings.
BTC has for many years retained its leading position in the crypto market in terms of market capitalization. In the process, many other coins have been thought to be able to take the place of BTC because BTC is a coin with less advanced or slow technology. But after so far, other coins with coins rose and fell again, the position of the coins also changed but the top position was still BTC.
In Thuan’s portfolio over the years, most of the time it’s still BTC with the highest percentage. However, recently due to the strong growth of ETH, the capital ratio has surpassed BTC in its portfolio. Thuan still invests several different coins in his portfolio such as BTC, ETH, BNB, ADA to diversify.
There are also some questions about whether ETH can surpass the capitalization of BTC and take the first place as ETH grows stronger in price and network growth. And when ETH deploys successfully, can it grow stronger and surpass BTC?
In June 2017, there was a time when the capitalization of ETH (33%) was close to the capitalization of BTC (37%). But through that bull season ETH failed to pass and BTC remained number one in terms of market capitalization.
Currently, the capitalization of ETH is 42.6% of that of BTC, so if BTC stands still and ETH has to grow more than 2 times, it can catch up with BTC.
In 2021, for ETH to surpass BTC, many people think that this is very difficult. As for the future, it is unpredictable, any changes are possible.
SEC Chairman shares views on crypto bill
New SEC Chairman Gary Gensler, a tech buff and a professor who spent three years teaching blockchain technology and money at MIT. Despite his love and attraction to technology, as chairman of the SEC, he still wants laws to protect investors.
When congressman Don Beyer wrote and introduced a 58-page bill called the Digital Asset Market Structure and the New Investor Protection Act at the end of July, it was also strongly supported by Chairman Gensler.
Chairman Gensler also said that, to strengthen investor protection, Congress needs to legislate and authorize the SEC to regulate and make decisions with the crypto market. Some projects and tokens do not consider themselves securities, so the SEC cannot intervene. Or a lawsuit like ripple with the SEC recently caused a lot of trouble because there is no clear law.
In Bayer’s bill there is a safe zone section that allows new projects and tokens to have a certain amount of centralization at first, but later development makes that project decentralized. Therefore, the safe zone will have clear boundaries for projects that can develop.
Some other information:
New York-based private investment firm Neuberger Berman — which has $402 billion in assets under management — has decided to invest indirectly in crypto through Bitcoin and Ethereum futures managed through a crypto exchange. subsidiaries (according to August 11 filings with the SEC). The fund has an AUM of $164 million, of which gold is held the most (7.9%), followed by corn (7.0%) and heating oil (6.6%). Steve Eisman, managing director at Neuberger Berman, who has rejected Bitcoin in the past, has decided to let the fund indirectly invest in BTC and ETH through futures contracts.
Cinema chain company AMC announced it is allowing its customers to buy movie tickets with BTC. AMC is a stock that has been going down for many years and is considered a “dead stock” because of the popularity of the internet and streaming movies. However, this stock is pumped by the event of Wallstreetbets. To date, this company wants to follow the trend of crypto adoption in order to save the present.
Cardano also has new information that they have the first NFTA on the platform of this network. The first ten NFTAs were created by the Cardano Foundation. The first NFTs are created according to the CIP 721 standard and will be awarded to 10 Cardano (ADA) enthusiasts who have contributed to the development of the blockchain. The difference of NFTA on the ADA network is that the tokens are created directly on like ADA on Cardano’s network without the need for smart contracts (smart contacts) like on the Ethereum network.
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