Crypto Market Price Suddenly Soars Toward $2 Trillion Could Ethereum Be About To ‘Flip’ Bitcoin?

Ethereum's major upgrade, codenamed London, went live earlier today helping the ethereum price record gains of 20% over the last week and sending bitcoin back over $40,000. The ethereum price boost, pushing ether tokens toward $3,000, has caused the combined crypto market to climb to almost $1.7 trillion, up from recent lows of $1.2 trillion in July (subscribe now to Forbes' Crypto Asset & Blockchain Advisor and discover crypto blockbusters poised for 1,000% gains).

As ethereum's rally accelerates, leaving the bitcoin price in the dust, some in the crypto industry are predicting ethereum could overtake bitcoin as the world's biggest cryptocurrency by value. Sign up now for the free Crypto Codex A free, daily newsletter for the cryptocurious. Helping you understand the world of bitcoin and crypto, every weekday

MORE FROM FORBES Crypto Price Prediction: Bitcoin Could Be Left in the Dust by Ethereum In 2021By Billy Bam rough. Ethereum, the secondlargest cryptocurrency after bitcoin, underwent a longawaited upgrade. Today boosting crypto prices across the board.

"Ethereum could flip bitcoin as the world’s number one cryptocurrency," Tim Sabanov, the chief technology officer at Scotlandbased bitcoin and crypto platform Zumo, said in emailed comments ahead of ethereum’s scheduled upgrade. Click here for more information: Latest Cryptocurrency and Bitcoin News

Ethereum's London upgrade aims to help the blockchain scale and make surging transaction fees more manageable. The upgrade is part of ethereum's longawaited move away from the energyintensive proofofwork model used by bitcoin to proofofstake—allowing users to generate new ether tokens via their existing holdings—and known as ethereum 2.0. The entire upgrade isn't expected to be fully realized until well into 2022.

"What ethereum has done is look at something that already exists—bitcoin—and made it better," said Sabanov. "It has an extremely vibrant developer community and that means that the ecosystem is growing at astonishing speed."

Ethereum bulls point to the network recently overtaking bitcoin in a number of closelywatched metrics and its price performance relative to bitcoin over the last year as justification of their predictions. Ethereum has soared 600% over the last 12 months, compared to bitcoin's 250% increase.

"The crypto giant recently surpassed bitcoin in the total number of active daily addresses, and that momentum shows no signs of slowing as the network continue to power key DeFi and NFT trends," Sabanov added.

Decentralized finance (DeFi), using crypto technology to reinvent traditional financial products like loans and insurance without the need for banks, and nonfungible tokens (NFTs), unique digital crypto tokens tied to online media, have both become multibillion dollar markets over the last couple of years. Almost all DeFi funds and NFTs are currently based and traded on ethereum's blockchain.

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 cryptofocused 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 secondtier adopters. Ethereum's utility alone will outstrip anything else."

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