the wizardry mind of Vitalik Buterin created ethereum a cryptocurrency that broke major records
in the blockchain world and became the number two ranked digital currency by market capitalization
placed just behind bitcoin east's eternal rival bitcoin on the other hand is the first ever
cryptocurrency that was made by satoshi nakamoto in 2009. since its creation bitcoin has held the
number one position in the cryptocurrency market and it's currently trading at 36 659 several
analysts in the cryptocurrency world believe that ethereum can overtake bitcoin in the near future
these speculations are based on the comparison between the recent performance of bitcoin
which had a mixed year of highs and lows so far to ethereum which went up 425 percent in 2021
and continued to gain momentum as it reached an all-time high of 4 878 in november of 2021.
despite the ever-growing popularity of eth currently valued at 2 600 bitcoin enthusiasts
hold a strong opinion that ethereum cannot surpass bitcoin however the winds of change seem to be
in favor of ethereum on today's coin market cap episode we will explain what's the flipping and
present you a set of reasons why it may actually happen in the near future my name is trev and
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while bitcoin recovers from its hash rate collapse ethereum is leading the revolution
in the defy world as the demand for smart contracts cryptocurrencies is reaching new
levels of popularity ether's decentralized financial ecosystem provides a much bigger
return to both big and small investors the general user adoption is also a great reason
why many crypto analysts believe that ethereum can overtake bitcoin in the up and coming bull runs
an obvious but important point to note here is the significant price difference between
ethereum and bitcoin eth is valued at two thousand six hundred dollars and bitcoin is
hovering close to forty thousand dollars with its valuation standing at thirty six thousand
six hundred dollars as of february third two thousand twenty two this price difference is a
big reason why most investors who missed out on the bitcoin train when the first cryptocurrency
was valued at 10 cents in 2009 do not want to miss out on the next big thing i.e eth
crypto analysts believe that it's only a matter of time before ethereum passes the 10 000 mark
some have even claimed that the time frame of the ten thousand dollar mark to be at the end of 2022
ethereum has always come up with new upgrades to their blockchain mechanism which has spiked
each price to new levels and garnered the interest of millions of crypto investors
a major upgrade in this regard would be ethereum 2.0 although the ethereum foundation would like
us to retire this term in favor of consensus layer we will use ethereum 2.0 in this video
just for clarity ethereum 2.0 will revolutionize the way ethereum's network is maintained enabling
much better transaction throughput and lower transaction costs furthermore ethereum 2.0
will cut ethereum's yearly issuance rate from 4 to 0.4 percent and ethereum is likely to become
more limited over time as a result of the fee burn imposed by eip 1559. instead of a proof-of-work
method used by bitcoin ethereum 2.0 will switch to a proof-of-stake system which is more practical
and effective in such a system an algorithm selects the node that registers each transaction
with the likelihood of selection rising with the amount of currency held by the node's owner
as a result the intricacy of cryptographic operations can be greatly reduced resulting in
huge throughput benefits for the entire network because each node must take its currency to
participate disrupting the network would remain prohibitively expensive the upcoming improvements
will also add a processing mechanism known as sharding to increase ethereum's efficiency
and ability to expand in the present version of the blockchain every data contributed to the chain
must be verified by all participating nodes this indicates that the system's overall processing
speed is constrained by the slowest participant it causes a bottleneck raising transaction costs
and slowing throughput ethereum 2.0 can greatly improve the efficiency of its resource utilization
by incorporating sharding into the mix the new system does this by dividing data verification
chores across groups of nodes each of which is accountable for only checking the data it receives
this allows the entire blockchain to leverage parallel processing potentially increasing
capacity by several orders of magnitude the new ethereum blockchain should be quicker and more
accurate than its predecessor thanks to this new method and the conversion to proof of stake
with the rising acceptance of cryptocurrency in the world people are starting to understand
how things work with the most well-known players bitcoin and ethereum in the crypto market this is
why the two giants of crypto have come under fire for the devastating environmental impacts of the
mining operations that keep their blockchains functioning these two networks utilize more
energy than many major industries of the world a single ethereum transaction footprint takes up to
146.41 kilowatts an hour of power which is the equivalent to the power consumed by an average
u.s household in 4.95 days as per ethereum energy consumption index by digieconomist recently the
ceo of tesla elon musk tweeted his concern about the climate and mining activities of bitcoin
usage of fossil fuels along with the termination of bitcoin payments for his company other
companies such as greenpeace also came forward with their decision of stopping bitcoin donations
this caused bitcoin's price to take a nosedive and the recovery wasn't swift to say the least
ethereum has understood the underlying problem of climate associated with cryptocurrency mining
and therefore the founder of eth vitalik buterin is advocating his invention to go green with the
release of ethereum 2.0 ethereum 2.0 promises to reduce the network's energy consumption by
more than 99 and lead the way to provide a green option for crypto users and developers
ethereum 2.0 is the result of more than five years of research and development
with the specific goal of making the fast growing blockchain more scalable more secure
and more sustainable that is if ethereum can do so without alienating its present
community the end goal of eth is to lessen the impact of blockchain on the environment
and this can become a major reason for ethereum overtaking bitcoin in the race of going green
the unfulfilled dream of eth to surpass bitcoin has become popular in the crypto world and there
is a term for it now known as the flippane the metrics that will determine whether ethereum
has truly dominated bitcoin or highlighted in numbers on a website named blockchain center
the website highlights a total of seven flipping metrics to determine the closing distance between
eth and bitcoin at present the flipping stats are as follows number one active addresses
distinct addresses that transmit or receive a transaction in seven days ethtarget achieved 63
the leader in this case is bitcoin number two transaction count the transaction count stats
show the number of on-chain transactions taking place on the network eth target achieved greater
than 100 percent the leader in this case is ethereum number three transactions volume
this metric displays the volume of usd that is traded over the network eth target achieved 75
the leader in this case is ethereum and number four trading volume bitcoin and ethereum's
adjusted exchange trading volume each target achieved 73 the leader in this case is bitcoin
number five total transaction fees the total amount of usd payments made on the network to
execute a transaction east target achieved greater than 100 the leader in this case is ethereum
number six node count the total number of public reachable nodes bitcoin has 13 499 nodes ethereum
has 5596 nodes the leader in this case is bitcoin and number seven google search interest the search
volume of bitcoin versus ethereum eth target achieved 25 the leader in this case is bitcoin
from these stats it's clear that ethereum is going to catch up with bitcoin very soon once the
trading volume standing at 82 surpasses bitcoin all the other stats will see massive growth
the ceos of major tech companies and financial institutions are backing ethereum to overtake
bitcoin nigel green ceo and founder of devere group says ethereum is outperforming bitcoin
and it can be expected to continue this trend for the rest of 2021. ether is up around 240
percent this year while bitcoin is up less than 38 it has outperformed all other benchmark assets
in the first half of this year first ether has a higher level of real use potential as ethereum the
platform on which is the native cryptocurrency is the most in-demand development platform for smart
contracts thereby highlighting that network's value not only as a platform for developers but
as a worldwide financial utility second investor enthusiasm for the game-changing transition to
ethereum 2.0 which makes the ethereum network considerably more scalable sustainable and secure
these upgrades represent a major boost not just for ethereum but for blockchain technology itself
coinsmart ceo justin hartsman says people don't like transacting with bitcoin since it's more of
a store of value ethereum on the other hand has built a full-on multi-billion dollar ecosystem so
the frequency of eth transactions is definitely going to be a lot more celsius network ceo alex
mashinsky says the flippening already happened ethereum already surpassed bitcoin in dollar
terms as the total holdings of the celsius community and i think the broader market
will follow it in the next year or two we will see that flipping happening also in the broader market
pantera capital ceo dan moorhead says you'll see a transition of people who want to store wealth
doing it in ether rather than just bitcoin morehead believes that the cryptocurrency shift
to ethereum 2.0 will significantly reduce ether's mining energy consumption levels compared with the
one of bitcoin ethereum's wide implementation in decentralized finance applications would also help
ether grow bigger than bitcoin the list of ceos backing the flippane continues to increase as time
passes by now all eyes are set on the launch of ethereum 2.0 and how it's going to revolutionize
the crypto world of eth bitcoin versus ethereum who will win only time will tell if bitcoin will
quash the flipping effect or ethereum manages to overtake bitcoin and become the new market
leader however in this race of reaching the top of the crypto mountain one thing is for sure
the world of cryptocurrencies is here to stay and investors who haven't entered into this trillion
dollar market might regret their decision in the long run so what do you think will
the flipping happen let us know in the comment section down below hey did you like that video
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