Ethereum expected to outperform Bitcoin as BTC dominance falls

08 Jul 2021

???? BTC | $33,220 (-852, -2.5%)

???? ETH | $2,276 (-27, -1.2%)

???? XRP | $0.63 (-0.03, -4.4%)

???? LTC | $134 (-4, -3.2%)

Binance CEO Changpeng Zhao has issued an open letter in response to recent regulatory woes, highlighting the company’s recent regulation-led upgrades such as restrictions on insider trading, and called heightened regulations as “in fact, positive signs”.

Chinese crypto miners have been crashing GPU prices as they dump their mining hardware whilst fleeing China. However, it is highly likely that they will seek to re-acquire new hardware in the coming months, with many relocating to countries such as Kazakhstan and the USA. Bitcoin has doubled in mining profitability since May thanks to the presence of fewer miners, raising the incentive for many miners to restart operations.

Ethereum’s outlook has continued improving over Bitcoin, with many metrics having flipped towards Ethereum recently. Goldman Sachs certainly believes in Ethereum, recently saying that Ether’s use case in smart contracts gives it the “highest potential” (although also saying that Gold is a superior defensive inflation hedge).