Ethereum Could Edge Bitcoin In Popularity Due To DeFi projects As Critics Start Showing Support
For long Ethereum which is among the most traded cryptocurrencies has been touted to have huge upside potential relative to Bitcoin. In recent weeks Ethereum has witnessed exponential gains thanks to the DeFi projects and some analysts are now seeing it surpass Bitcoin in popularity.
Ethereum could surpass Bitcoin in popularity
Bitcoin is considered a decentralized digital asset. On the other hand, Ethereum has the potential of facilitating smart contracts and hosting decentralized finance tokens (DeFi) like Basic Attention Token (BAT) and Compound token.
As a result, Bitcoin’s position is viewed as a double-edged sword. However, it is still the first successful digital asset thanks to its underlying cryptography protocols and blockchain. Being the first it means its network could be aging as complex protocols emerge. This is where Ethereum with its DeFi projects will have an edge over Bitcoin because newer and complex financial instruments can be developed on the blockchain. The Ethereum blockchain has a very active developer team which is four times large than that of any other cryptocurrency project.
Currently, Bitcoin has around $141 million locked up in DeFi resulting in what has been labeled an inflated price. Leading cryptocurrency writer, Chris Burniske indicated that DeFi is getting started and people who have not been in it should join the ride.
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Ethereum critic changes tone
Even a long time Bitcoin supporter and Ethereum critic, Tuur Demeester has changed tune and now is taking a long position with Ethereum because of its fundamentals. In a Twitter post, Tuur indicated that currently ETH/BTC technical are bullish so he was going long.
Last month Demeester indicated that he plans to scale back his public association with Bitcoin because of the recent politicization. He explained that he felt the self-labeled anarchists and Libertans lacked some level of compassion. Demeester said that instead of trying to change their minds it was better to consider other ways of talking about such stuff.
The change of tone comes when DeFi projects are gaining market popularity. Most of the projects using the blockchain are receiving a lot of attention currently.
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