Some sections of the cryptocurrency space are tipping Ether to overtake Bitcoin as the leading cryptocurrency in the world.
Ether would become more valuable than Bitcoin
Standard Chartered’s global research team led by Geoffrey Kendrick believes that Ethereum is more valuable than Bitcoin, and the Ether coin would surpass BTC in the long run. The British banking giant believes ETH would topple BTC as the leading cryptocurrency in the world.
At the moment, Bitcoin is trading above $46k per coin, while Ether is trading around $3,400. However, the researchers estimate that the long-term value of BTC would be between $50,000 and $175,000. This means that Bitcoin’s price could increase by 350% in the long term.
The analysts are more bullish on ETH, estimating that the second-largest cryptocurrency would trade between $26,000 and $35,000 per coin. This means that they see ETH’s price surge by 1,000% in the long term.
Ethereum is a financial market, while Bitcoin is a currency
The researchers likened the Ethereum blockchain to financial markets. The Ethereum blockchain has many use cases and currently houses a large number of DeFi protocols, decentralized exchanges, NFTs and more.
Bitcoin, on the other hand, can be described as a currency, the researchers added. Thanks to the Ethereum network’s larger use case, ETH would be more valuable than BTC in the long term.