August 5, 2021

Ether price takes on Bitcoin — What’s behind the sharp rise in demand?

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Breaking new all-time highs, the recent price action of Ether (ETH) took the crypto market by storm and signaled an official start to alt season. Several analysts are predicting that Ether will surpass its previous all-time high of $2,130 and continue to outperform Bitcoin in the foreseeable future. 

Price predictions aside, Ethereum is undeniably leading the charge in crypto, being home to flagship decentralized finance and nonfungible token projects. However, this move comes at a time when the network is at a major crossroads.

Although many layer-one projects have been labeled as “Ethereum killers” over the years, Ethereum is only now facing real competition, which has come mostly from its scalability and congestion issues. If no solution is able to effectively scale the network, Ethereum may soon enough start losing ground to rival smart contract platforms.

Still, Ether is the undeniable king of altcoins, second only to Bitcoin (BTC) in terms of market capitalization. So, what factors are driving up the price of ETH, and is the competitive landscape shaping up to be a real threat to Ethereum’s dominance?

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Published Date: Thu, 08 Apr 2021 18:13:28 +0100