{"id":28872,"date":"2022-09-13T06:51:02","date_gmt":"2022-09-13T06:51:02","guid":{"rendered":"http:\/\/egrowonline.com\/?p=28872"},"modified":"2022-09-13T06:51:02","modified_gmt":"2022-09-13T06:51:02","slug":"cryptoverse-ether-snaps-at-bitcoins-heels-in-race-for-crypto-crown","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=28872","title":{"rendered":"Cryptoverse: Ether snaps at bitcoin&#8217;s heels in race for crypto crown"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p data-testid=\"primary-image-caption\" id=\"primary-image-caption\" class=\"text__text__1FZLe text__medium-grey__3A_RT text__regular__2N1Xr text__small__1kGq2 body__base__22dCE body__caption__3L8vY article-body__primary-image-caption__WHVnb\">Souvenir tokens representing cryptocurrency Bitcoin and the Ethereum network, with its native token ether, plunge into water in this illustration taken May 17, 2022. REUTERS\/Dado Ruvic\/Illustration<\/p>\n<div class=\"registration-prompt__container__2jf5K column article-body__aside-registration-prompt__2ivER\">\n<p><h6 data-testid=\"Heading\" class=\"text__text__1FZLe text__white__3r45t text__medium__1kbOh text__heading_6__1qUJ5 heading__base__2T28j heading__heading_6__RtD9P registration-prompt__heading__3fq-h\">Register now for FREE unlimited access to Reuters.com<\/h6>\n<p><button data-testid=\"Button\" class=\"button__button__2Ecqi button__secondary__18moI button__round__1nYLA text-button__container__3q3zX registration-prompt__button-text__3kTtQ\" type=\"button\"><span class=\"button__container__3sgvk\"><span data-testid=\"Text\" class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Register<\/span><\/span><\/button><\/p>\n<\/div>\n<\/div>\n<div>\n<p data-testid=\"paragraph-0\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Sept 13 (Reuters) &#8211; For years, ether could barely dream of challenging its big brother bitcoin. Now, its ambitions may be becoming more realistic.<\/p>\n<p data-testid=\"paragraph-1\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The second-biggest cryptocurrency is taking market share from bitcoin ahead of an all-important &#8220;Merge&#8221; software upgrade that could sharply reduce the energy usage of its Ethereum blockchain, should the developers pull it off in coming days.<\/p>\n<p data-testid=\"paragraph-2\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Bitcoin&#8217;s dominance, or its share of the crypto market&#8217;s market value, has slipped to 39.1% from this year&#8217;s peak of 47.5% in mid-June, according to data platform CoinMarketCap. Ether, on the other hand, has climbed to 20.5% from 16%.<\/p>\n<div class=\"registration-prompt__container__2jf5K registration-prompt__inline__2WDU- article-body__element__2p5pI article-body__inline-registration-prompt__1-N9W\">\n<p><h5 data-testid=\"Heading\" class=\"text__text__1FZLe text__white__3r45t text__medium__1kbOh text__heading_5__2krbj heading__base__2T28j heading__heading_5__2A2g- registration-prompt__heading__3fq-h\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button data-testid=\"Button\" class=\"button__button__2Ecqi button__secondary__18moI button__round__1nYLA text-button__container__3q3zX registration-prompt__button-text__3kTtQ\" type=\"button\"><span class=\"button__container__3sgvk\"><span data-testid=\"Text\" class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Register<\/span><\/span><\/button><\/p>\n<\/div>\n<p data-testid=\"paragraph-3\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The upstart is still a long way from overtaking bitcoin as the No.1 cryptocurrency, a reversal known to aficionados as &#8220;the flippening&#8221;. It&#8217;s made up ground, though; in January 2021, bitcoin reigned supreme at 72%, while ether occupied a slender 10%.<\/p>\n<p data-testid=\"paragraph-4\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">As for price, one ether is now worth 0.082 bitcoin , near December 2021 highs and sharply above the 2022 low of 0.049 in June.<\/p>\n<p data-testid=\"paragraph-5\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">&#8220;People are now viewing Ethereum as essentially a safe asset because they&#8217;ve seen the success of the network, they think it&#8217;s not going anywhere,&#8221; said Joseph Edwards, head of financial strategy at fund management firm Solrise Finance.<\/p>\n<p data-testid=\"paragraph-6\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">&#8220;There&#8217;s a permanency to how Ethereum is perceived in the crypto ecosystem.&#8221;<\/p>\n<figure class=\"article-body__element__2p5pI\" data-testid=\"graphic-0\">\n<div class=\"reuters-graphic__image-container__2YWXt\">\n<div data-testid=\"StatefulImage\" class=\"stateful-image__container__hH_Q_ stateful-image__light__2XHJA\">\n<div data-testid=\"Image\" class=\"stateful-image__image__ThpeM\"><img decoding=\"async\" src=\"https:\/\/graphics.reuters.com\/FINTECH-CRYPTO\/WEEKLY\/zdvxomazgpx\/chart.png\" alt=\"Reuters Graphics\" title=\"\" \/><\/div>\n<\/div>\n<\/div><figcaption data-testid=\"Body\" class=\"text__text__1FZLe text__medium-grey__3A_RT text__regular__2N1Xr text__small__1kGq2 body__base__22dCE body__caption__3L8vY reuters-graphic__figcaption__1lRLn\">Reuters Graphics<\/figcaption><\/figure>\n<h2 data-testid=\"Heading\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__heading_5__2krbj heading__base__2T28j heading__heading_5__2A2g-\">CAPRICIOUS CRYPTO<\/h2>\n<p data-testid=\"paragraph-7\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The Merge, expected to take place on Thursday after several delays, could lead to wider use of the blockchain, potentially boosting ether&#8217;s price &#8211; although nothing is certain in a capricious crypto market. <a target=\"_blank\" data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/technology\/understanding-ethereums-major-merge-upgrade-2022-09-09\/\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__large__nEccO link__underline_default__2prE_\" rel=\"noopener\"> read more <\/a><\/p>\n<p data-testid=\"paragraph-8\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Ethereum forms the backbone of much of the &#8220;Web3&#8221; vision of an internet where crypto takes centre stage, powering applications involving crypto offshoots such as decentralised finance and non-fungible tokens &#8211; although this much-hyped dream is still unrealised.<\/p>\n<p data-testid=\"paragraph-9\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Bitcoin and ether have both nearly halved this year on concerns about supersized interest rate hikes from central banks. Nonetheless, investors seem to like the look of the Merge, with ether up over 65% since the end of June. Bitcoin has barely budged in the same period.<\/p>\n<p data-testid=\"paragraph-10\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">&#8220;We&#8217;re going to see (ether&#8217;s) attractiveness to some investors who are concerned about energy consumption,&#8221; said Doug Schwenk, CEO of Digital Asset Research, although he cautioned that ether was still a long way behind bitcoin.<\/p>\n<h2 data-testid=\"Heading\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__heading_5__2krbj heading__base__2T28j heading__heading_5__2A2g-\">THE KING IS STRONG<\/h2>\n<p data-testid=\"paragraph-11\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The diminishing bitcoin dominance in crypto&#8217;s current bear market is a departure from previous market cycles when investors sold lesser tokens &#8211; &#8220;altcoins&#8221; &#8211; in favor of the more liquid and reliable bitcoin.<\/p>\n<p data-testid=\"paragraph-12\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Dethroning the king is no easy feat, though.<\/p>\n<p data-testid=\"paragraph-13\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Bitcoin is still by far the most well-known cryptocurrency. Mainstream investors who have dipped their toes in the crypto market since 2020 have tended to turn first to bitcoin, as the most liquid and widely-traded token.<\/p>\n<p data-testid=\"paragraph-14\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Its market cap of $427 billion is still more than double Ether&#8217;s $210 billion, and market participants firmly believe the original digital coin remains the gold standard in crypto due to its limited supply.<\/p>\n<p data-testid=\"paragraph-15\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Some market players say bitcoin&#8217;s grip on the crypto crown is still strong, even if it has to accept other contenders. For example, Hugo Xavier, CEO of K2 Trading Partners, said its dominance could improve to 50%-60% range if the crypto market turns bullish but it is unlikely to touch 70% again.<\/p>\n<div class=\"registration-prompt__container__2jf5K registration-prompt__inline__2WDU- article-body__element__2p5pI\">\n<p><h5 data-testid=\"Heading\" class=\"text__text__1FZLe text__white__3r45t text__medium__1kbOh text__heading_5__2krbj heading__base__2T28j heading__heading_5__2A2g- registration-prompt__heading__3fq-h\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button data-testid=\"Button\" class=\"button__button__2Ecqi button__secondary__18moI button__round__1nYLA text-button__container__3q3zX registration-prompt__button-text__3kTtQ\" type=\"button\"><span class=\"button__container__3sgvk\"><span data-testid=\"Text\" class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Register<\/span><\/span><\/button><\/p>\n<\/div>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__default__UPMUu sign-off__text__PU3Aj\">Reporting by Medha Singh and Lisa Pauline Mattackal in Bengaluru; Editing by Tom Wilson and Pravin Char<\/span><\/p>\n<p data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Our Standards: <a target=\"_blank\" data-testid=\"Link\" href=\"https:\/\/www.thomsonreuters.com\/en\/about-us\/trust-principles.html\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__large__nEccO link__underline_default__2prE_\" rel=\"noopener\">The Thomson Reuters Trust Principles.<\/a><\/p>\n<p>Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.reuters.com\/technology\/cryptoverse-ether-snaps-bitcoins-heels-race-crypto-crown-2022-09-13\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Souvenir tokens representing cryptocurrency Bitcoin and the Ethereum network, with its native token ether, plunge into water in this illustration taken May 17, 2022. REUTERS\/Dado Ruvic\/Illustration Register now for FREE unlimited access to Reuters.com Register Sept 13 (Reuters) &#8211; For years, ether could barely dream of challenging its big brother bitcoin. Now, its ambitions may [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":28873,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[40],"tags":[1093,11125,62,4916,369,9947,2229,7827],"class_list":["post-28872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-bitcoins","tag-crown","tag-crypto","tag-cryptoverse","tag-ether","tag-heels","tag-race","tag-snaps"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/09\/QQABWUBD6JJ3JJLRDJTC3IQMFI.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/28872","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28872"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/28872\/revisions"}],"predecessor-version":[{"id":28874,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/28872\/revisions\/28874"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/28873"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28872"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}