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MORE FROM FORBES Crypto Price Prediction: Why Bitcoin Could hit $700,000 In Just 10 Years By Billy Bam bough. The ethereum price has rocketed 600% over the last year, riding the DeFi and NFT craze that both use ethereum's blockchain. Bitcoin has also surged but at a slower clip, adding 250% to its price.

Earlier this year, longtime cryptocurrency bull Mike Novogratz, the chief executive of crypto investor Galaxy Digital, also predicted ethereum could one day become the "biggest cryptocurrency." Meanwhile many in the cryptocurrency space have expressed their support of ethereum's upgrade, claiming it will be broadly beneficial to the crypto industry and market.

"For the many cryptocurrencies and DeFi applications tied to it, this is a large boost to better efficiency, so good for the overall crypto ecosystem," Diogo Monica, the cofounder and president of crypto bank Anchorage Digital, said via email.

"We are confident that [ethereum's] network upgrade will succeed in an overhaul of the network’s transaction fee market and other parameters such as gas refunds," Paolo Ardoino, the chief technology officer at both crypto exchange Bitfinex and stable coin issuer Tether Limited, said in emailed comments. "This will have a positive impact on DeFi usage on ethereum and help the network to realize its huge potential." Click here for more information: News on Bitcoin and Other Cryptocurrencies

Ethereum's upgrade will also see some ethereum tokens destroyed, or "burned" limiting new tokens coming onto the market and, in theory, making the tokens scarcer. Earlier this week, Dan Morehead, the founder of $2.8 billion crypto focused investment fund Pantera Capital, reportedly predicted ethereum would eventually flip bitcoin despite expecting the bitcoin price to hit a whopping $700,000 per bitcoin in just ten years.

"You’ll see a transition of people who want to store wealth, doing it in ether rather than just bitcoin,” Morehead told the Reuters Global Markets Forum on Monday, it was reported by Coin telegraph. In June, the chief investment officer at $100 million digital asset investment manager Two Prime, Nathan Cox forecast ethereum will eventually "flip" bitcoin.

"In the long, long, multiyear timeline, yes, ethereum will flip bitcoin," said Two Prime's Nathan Cox. "It's just now starting to be understood by the second tier adopters. Ethereum's utility alone will outstrip anything else."

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