The leading altcoin continues to rapidly strengthen its position. In the past month, it has even outpaced Bitcoin in terms of growth dynamics. Andre Dagoš, the Head of Research at ETC Group, has suggested that Ethereum could become the market leader in the coming year, surpassing the leading digital currency. The expert highlighted Ethereum’s esteemed status as the most popular platform for creating decentralized applications and deploying smart contracts.
Dagoš revealed the findings of a recent ETC Group study. He particularly emphasized the new “burning mechanism” of coins, which was reflected in the blockchain upgrade proposal EIP-1559 in the summer of 2021. This update could be a significant catalyst for the long-term growth of the leading altcoin. Andre Dagoš emphasized that the systematic reduction of the market supply combined with high staking rewards could eventually allow Ethereum to surpass Bitcoin.
The Ethereum ecosystem continues to actively develop in the context of scalability, thanks to numerous second-layer solutions. This enhances the investment attractiveness of the leading altcoin, reinforcing its status in the global market.
It is noteworthy that opinions among various experts differ significantly on this matter. For instance, David Shved, the Chief Operating Officer of Holborn, believes that Bitcoin’s established role as the flagship crypto asset will prevent Ether from emerging as a leader in the digital coin market for a long time.
However, over the past month, many altcoins have outperformed Bitcoin in terms of growth dynamics. This is attributed to Bitcoin being in a consolidation phase for an extended period. Concurrently, its dominance index is decreasing. Currently, it is estimated at 51%, whereas a couple of weeks ago, the indicator was around 55%.
