Ethereum enthusiasts and strategists expect it to eclipse bitcoin as the world’s largest digital token by market value, Bloomberg reports. Ether is expected to benefit from greater innovation and more developer interest than bitcoin.
Currently the world’s second-largest digital token, Ether narrowed the gap to bitcoin by as much as $350 billion in May following a smaller retreat than bitcoin.
Enthusiasts see the blockchain-based financial services and growth of digital collectibles as key to the popularity of ether.
The ongoing upgrade to enhance the efficiency of Ethereum’s network has also been cited as key to its popularity.
Cathie Woods and Goldman Sachs are among strategists who have highlighted ether’s potential.
Goldman last week warned of fragilities in bitcoin saying it may lose its position as the world’s preferred cryptocurrency.
Goldman cites capped supply of ether as key to its growth which could make it surpass bitcoin.
Oasis Pro Markets CEO Pat LaVecchia says ether is growing in popularity and is being seen “as a better growth story” in future.
Some analysts including Tokens.com CEO Andrew Kiguel believe bitcoin has the most validation given the attention it gets.
Major cryptocurrencies are currently gaining. BTCUSD is up 3.31%, ETHUSD is up 7.26%
