The prices of some of the top cryptocurrencies have significantly dropped down taking Bitcoin to $38,043 (at the time of writing) and Ethereum to $2,556 (at the time of writing).
ETH has been seen to reclaim around $900, since its price drop on Sunday, meanwhile BTC has been seen struggling to reach $40,000. This has been worrisome for many crypto enthusiasts, especially the ones who have invested in Bitcoin.
On the other hand, Ethereum is seen as a more valuable digital asset in the market by most crypto enthusiasts, as compared to other digital currencies including BTC.
Ethereum is the second-largest cryptocurrency that might be breaking the barrier sooner than expected. Therefore, if you are a crypto enthusiast and have been planning on investing in ETH then you should choose top exchanges such as SwissBorg or Kraken.
Here are more details on why Ethereum could be more valuable than Bitcoin.
Ethereum Has Much Higher Utility Than Bitcoin?
A question most of the crypto enthusiasts are now wondering is, “Does Ethereum have more utility as compared to Bitcoin?”
The co-founder of investment powerhouse Guggenheim Partners certainly thinks so. According to an interview with Bloomberg TV yesterday morning, Todd Morley was of the view that ETH has a higher utility than BTC.
He categorized Bitcoin as “a thing” and stated that “Ethereum to me has a much higher utility through smart contracts.”
He continued to state that such industries should have improved technology strategy otherwise something else can show up and the industry can go out of business.
According to Todd Morley, the number of app developers for Ethereum has been increasing for six years, which is beneficial for Ethereum blockchain and where he would want to be.
Could This be a Note of Caution for BTC Investors and Traders?
It has long been anticipated that Ethereum will one day surpass Bitcoin as the top cryptocurrency in the world. Even though this is yet to be seen, the shifting ground between ETH and BTC has given crypto enthusiasts reason to be cautious.
The utility of Ethereum is being highlighted by more than one popular name, however, it cannot be said that Ethereum will soon surpass the flagship cryptocurrency.
The price of BTC has not recovered the $40,000 mark, however, it has not lost its audience yet.
According to the latest news, here are a few factors that can indicate stability and a possible increase in BTC’s price:
- Elon Musk and Michael Saylor have taken the renewable energy initiative to mine the crypto with the help of North American miners.
- Bitcoin Whales have been reported to acquire 122,588 Bitcoin during the intense market meltdown last week.
- Bitcoin has also received support and institutional demand from Ray Dalio, founder of Bridgewater Associates, who still owns his BTC.
Considering these factors it can be a tough call for Ethereum to move past Bitcoin anytime soon.
Therefore, if you are a Bitcoin investor or trader, there is nothing to worry about as the progress of BTC’s price may be slow but occurring, nonetheless.
On the other hand, the utility and prominence of ETH cannot be denied either. Hence, if you are interested in buying BTC or ETH then you should choose SwissBorg or Kraken, both of which are secure bitcoin exchanges.
Once you step into the crypto world, you can also consider becoming a trader and can opt for top exchanges such as ByBit.
You can also opt for copy trading with PrimeXBT Covesting. Copy-trading allows you to copy the trading positions of another trader without requiring you to constantly look at the market trends and other relevant aspects.