Ethereum Is Eating Bitcoin, Forbes Says – ETH Is Up By Over 300% in 2020 Amidst DeFi Craze
Ethereum has seen a massive rally in the past 24 hours. At the moment of writing this article, the coin is trading in the green and it’s priced at $476.22.
There have been all kinds of optimistic predictions about the digital asset and the trend continues.
Forbes just penned an article a few hours ago, covering ETH’s trajectory.
Ethereum is up by more than 300% in 2020
The publication notes that ETH is currently in the crypto spotlight and they highlight the fact that the coin is up by more than 300% this year.
They also note the fact that Bitcoin can be wrapped onto the ETH blockchain via more ETH-based tokens such as WBTC.
“This presents an interesting quandary for bitcoin. While it clearly has more utility after being converted onto the ethereum blockchain, its underlying value ostensibly comes from the 68 terawatt-hours of power that go into securing the bitcoin blockchain each year,” Glassnode analysts wrote in their weekly newsletter, as reported by Forbes.
“How much bitcoin has to migrate onto ethereum before the necessity of the bitcoin blockchain itself starts coming into question,” Glassnode asked.
“And, if this were to occur, what would back the value of bitcoin if not the massive amounts of energy that go into maintaining its existence?”
We suggest that you check out Forbes’ original article to learn more interesting details.
They also point out the fact that the price of ETH is going to the moon and it’s boosted by DeFi craze that’s currently sweeping the crypto world and BTC as well.
DeFi is an idea that the crypto tech can be used in order to recreate traditional financial instruments such as loans and insurance.
Earlier today, it’s been revealed that BTC, ETH, and XRP are flashing buy signals.
There have been all kinds of bullish predictions for these coins lately and ETH is expected to hit $500, while BTC is also expected to reach $12k once again.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.