Debates about the best and most profitable digital assets continues, with Ethereum and Bitcoin taking the lead.
Banking magnate Morgan Stanley backs the leading altcoin Ether. However, Bitcoin zealots still support their “digital gold”, which is still the largest cryptocurrency, and they have set their sights on another large-scale competition.
Battles between these two digital assets are favourable to the market value of the industry and are expected to accomplish a win-win situation.
For crypto zealots, this has been a year of bumpy success and frustration. Market fluctuations cause prices to skyrocket and then tumble like a tower of cards. Bitcoin and Ethereum, the two most popular digital assets, became news, and many people compared the cost-effectiveness of owning each coin.
Morgan Stanley became the first bank to offer cryptocurrency to wealthy customers in the United States and provided its own views on why Ethereum beat Bitcoin in the market this year.
The rise in the worldwide adoption of these two currencies has resulted in a market worth of more than 2.5 trillion U.S. Dollars, a record high. Although the current market seems to be marginally unstable, ETH seems to be stronger than BTC.
Morgan Stanley Backs Ethereum
When Morgan Stanley experts support an asset, it is not a whim. Ethereum has risen above Bitcoin this year because ETH has soared by about 240%, while the leading digital asset BTC has only risen by 37%.
Leading investment banks also pointed out that the trading volume of Ethereum is higher than that of BTC. Albeit Bitcoin’s market value is higher, which is twice that of ETH, in fact, the transaction volume of ETH increased to $600 billion in May.
The claims made by Morgan Stanley about Ethereum being a better coin in terms of performance is not an independent claim. In April, the rival banking giant J.P. JP Morgan Chase made a similar statement that Ethereum is ranked higher than Bitcoin because it was recently adopted by institutional investors.
The instability of Bitcoin is still more volatile than that of Ethereum, thus, the shortfalls experienced by investors led them to eventually support altcoins.
ETH broke through the 3,000 US Dollars mark and then continued to rise to an all-time high above 4,000 USD. At the time of writing, Ethereum is trading at $2,406.81 and is expected to surge again on the eve of the next development.
On the Flipside
Bitcoin remains the largest coin and its popularity is growing worldwide as more and more institutions adopt it.The Ethereum blockchain, a major contributor to the rise of Ethereum, is facing competition from Cardano, Solana, and others, amid scalability issues.
Though delays to Ethereum 2.0 continues, these “ETH Killers,” as they have been amorously nicknamed, have experienced some formidable growth.
Ethereum May Reign Over Bitcoin….
Although Bitcoin is the largest currency, Ethereum has performed better this year for a variety of reasons.
First, the ETH blockchain is actually the location of DeFi solutions. There are more than 3,000 dApps on the ETH blockchain, which increases the utility and transaction volume of ETH, surpassing BTC.
Farmers all over the world are looking for the native token of the ETH blockchain. Secondly, Ether is now being favoured by institutional investors as a means of diversifying its cryptocurrency outside of BTC. For example, recently, Goldman Sachs.
Announced that it will start offering Ethereum options to its customers. The new demand for Ethereum by institutional investors is undoubtedly a boon. With the promise of Ethereum 2.0 to increase the price of coins, this will make the platform more scalable.
