Earllier, Ethereum could hardly dream of competing with its big brother bitcoin. Its ambitions are becoming more realistic now.
Ahead of 'the Merge', the most significant software upgrade, which can bring Ethereum blockchain closer to a sharp reduction in energy consumption, the world’s second-largest cryptocurrency is taking market share from bitcoin.
According to Joseph Edwards, head of financial strategy at fund management firm Solrise Finance, people now are considering Ethereum a safe asset as they are familiar with a success story of the network and believe that it's not going anywhere. "There's a permanency to how Ethereum is perceived in the crypto ecosystem", he said.
As reported by Doug Schwenk, CEO of Digital Asset Research, Ethereum will be attractive to some investors who worry about energy consumption. At the same time, he noted that Ethereum still lags far behind bitcoin.
Source: Reuters.com
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