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There are various signs that Ethereum may overtake Bitcoin as the most valuable cryptocurrency by market capitalization.
Earlier morning, Ethereum’s London upgrade network went live on the Goerli testnet.
Crypto investors such as Galaxy Digital CEO Mike Novogratz have stated that Ethereum might replace Bitcoin as the largest cryptocurrency by market capitalization. In a recent interview with Bloomberg Technology, Novogratz expressed his thoughts on Ethereum becoming the largest cryptocurrency.
Over the last few months, Ethereum appears to have outperformed Bitcoin. Since mid-April, when it reached an all-time high of almost $65,000, the value of Bitcoin has fluctuated significantly. Since then, the leading cryptocurrency by market capitalization has lost up to 50% of its value and now trades at $33,000. Furthermore, Bitcoin has only increased by 275 percent in the last year, whereas Ethereum has increased by almost 900 percent.
Despite the fact that Bitcoin has a much larger market capitalization than Ethereum, the top currency has lost more than 40% of its value since its peak of $1 trillion. BTC’s market value has dropped 3.58 percent to $624 billion at the time of writing.
Notably, Ethereum has been generating news with its recent improvements, which are expected to boost the largest altcoin’s value. The most anticipated event in the crypto sector right now is Ethereum 2.0. Nearly 6 million ETH has been staked on the ETH 2.0 ahead of its introduction. At press time, the ETH 2.0 network had a total of 5,946,677 ETH staked, with 180,521 validators powering the blockchain. The amount of Ethereum staked reflected investors’ faith in the Ethereum network. The value of staked ETH has increased to $12.7 billion, up from 1.1 billion in January.
Since its debut in December of last year, Ethereum 2.0 has gotten a lot of attention. Investors were slow to respond at the time since the network required a minimum stake of 424,288 ETH tokens before it could be confirmed.
The most recent Ethereum development
The much-anticipated London hard fork has now gone live on the Goerli testnet, according to a recent update. In a tweet, EthHub Founder Anthony Sassano announced the launch of the London network upgrade (EIP-1559).
In a blog post published in June, the Ethereum Foundation mentioned the release timelines of recent innovations. The Foundation remarked at the time, “This upgrade follows Berlin, which was launched on the Ethereum mainnet only a few months ago.” Client teams were able to release this network update at breakneck speed by commencing work on London while Berlin was being rolled out!
The next phase is to install the London network update (EIP-1559) on the Rinkeby testnet, after its release on the Goerli testnet. The 7th of July is the date set for this. A block will be designated for activation after the upgrade has been successfully activated on the Ethereum mainnet.
Ethereum (Bitcoin)/n
