Ethereum, the second-largest cryptocurrency following bitcoin, may once again surpass bitcoin, according to new research.
Ki Young Ju, CEO of on-chain analytics firm CryptoQuant, said in a tweet on Wednesday that Ethereum may beat Bitcoin if the dominating cryptocurrency’s price goes sideways or bullish.
In 2020, Young Ju stated that Ethereum is undervalued in terms of institutional buying however Institutional investors would eventually consider Ethereum for their portfolio next to Bitcoin.
Bitcoin exchange reserves have been decreasing in numbers since May, only to rebound in late July. BTC reserves fell to 2.44 million this week after reaching a high of 2.54 million on July 26. In comparison, since late May’s local high of 21.43 million held on exchanges, ETH has been on a fairly straight fall.
Despite the spotlight on Bitcoin recovering $50,000, Ether remains optimistic following its successful London hard fork installation earlier this month. A liquidity deficit might eventually help to propel ETH/USD to new record heights before BTC/USD, partly thanks to supply adjustments pushed forward via the hard fork.
Apart from Ki Young Ju, in a recent analysis, Bloomberg Intelligence favored ETH above BTC, even predicting a reversal of the dominant cryptocurrency.
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