Ethereum price surges as experts think it will replace Bitcoin in a “flippening”

Posted: 1 September 2021 2:42 am
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As a result of Ethereum’s recent push, the altcoin has been able to accrue monthly gains over 35%.

  • Several prominent altcoins, including Ethereum (ETH), have been able to post sizable gains recently despite Bitcoin being stuck around the $48K range.
  • Ethereum’s market dominance index has risen from 17.4% to 18.6% over the last 48 hours.
  • The last few months have seen many DeFi tokens, including Aave, RGT and YFI, scale up to their all-time-high values.

Ethereum, the second-largest cryptocurrency by total market capitalization, has been on a tear over the last 24 hours. The altcoin surged by nearly 8%, taking its weekly gains to a little over 10%. At press time, ETH is trading at $3,779.

This latest upward movement seems to indicate that an alt-season may be underway, especially as several other assets – including Cardano and Solana – have also seen some serious bullish action. All these gains come at a time when Bitcoin (BTC) continues to trade around the $47K-$48K range.

As per technical data available online, Ethereum is currently poised to stage a 40% rally against BTC, with the recent 5% gain yesterday adding more fuel to the fire. It will be interesting to see how the coming few weeks play out for the altcoin price-wise. Experts like Dmitry Mishunin, founder and CEO of smart contract audit firm HashEx, predict that ETH could quite easily flip BTC in the near term. Mishunin added:

“Bitcoin only relies on its capped supply and the first-mover advantage, a trend many investors are beginning to substitute for unique technology that can drive a blockchain-dominated future.”

How to buy Ethereum

Many DeFi tokens have taken off as well

A quick look online shows that a host of prominent DeFi projects, including Aave, Synthetix, YFI and SushiSwap, have registered profits over 40% over the last three months — which is quite substantial, especially when compared with BTC’s profit margins of around 27%.

Furthermore, as per crypto data aggregator Dune Analytics, the last year or so has seen a record number of people enter the DeFi ecosystem, with the figure currently standing at around 3,285,643 users as of August 31.

CryptoPunks creators sign Hollywood deal

In a surprising turn of events, Larva Labs, the team responsible for creating CryptoPunks, one of the largest NFT-based collectible games in the world, announced that it had entered into an agreement with prominent Hollywood talent recruitment firm United Talent Agency (UTA).

As per data available on the official CryptoPunks website, since 2017, CryptoPunks has been able to generate over $1.1 billion in non-fungible token sales for Larva Labs, with a massive portion of this money — $304.8 million — coming over the past week alone. As things stand, the cheapest CryptoPunk currently on sale is available for a base price of 115 Ethereum, or $392K approximately.

Interested in cryptocurrency? Learn more about the basics with our beginner’s guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.

Disclosure: The author owns a range of cryptocurrencies at the time of writing

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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