Tuesday, July 27, 2021

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    keys, changes and ‘sorpasso’ to Bitcoin

    When talking about cryptocurrencies normally everything revolves around Bitcoin, but something is starting to change in the world of digital currencies. Ethereum is the second most important virtual currency at the level of capitalization – it already exceeds 252,000 million dollars – and in recent days it is beginning to surpass Bitcoin in share. It is not surprising that, despite the fall, the Ethel has risen more than 800% in the last twelve months from $240 to $2,140.


    In early August, the Ethereum network will register a new update, called London. In this new version, several changes will be implemented, including the EIP-1559, which affects the way in which the currency that has provoked the protests of several miners is mined. However, the importance of this update is that it is an almost total change in ethereum’s Blockchain network. Thanks to this new version, the problems of traffic jams and high commissions will be solved. Something that makes miners see their incomes reduce.

    The importance of commissions is high, as they will become lower and go to ethereum ballets. This makes the network itself have more money available and will thus put together a strategy to decrease the supply in the market and boost the price of the currency. Something that is supported by the whole community, except for the miners. In addition, this new version will pave the way for the arrival of Serinity, also called as Ethereum 2.0, in 2022.

    Beating Bitcoin

    In recent weeks, Ethereum is achieving important milestones in its history. Between June 6 and July 6 of this year, the Ethereum Blockchain incorporated at least 5,370,000 new addresses. This means that, for the first time in history, more active addresses per day are recorded than in Bitcoin. In this same sense, Ethereum has already surpassed Bitcoin based on the dollar value of the shares in the Celsius network of more than one million users.

    Goldman Sachs analysts, meanwhile, have issued a press release in which they claim that Ethereum has enough potential to overtake Bitcoin as a leading cryptocurrency in the future. They claim that this is because the Ether network has more possibilities and that, at the same time, it is the most popular platform for smart contract applications. “It lacks the real-world options that ethereum does,” analysts say.

    At the moment, one of the big differences between Bitcoin and Ethereum is that the former knows the maximum number that will be in circulation: 21 million. While the second has not been set, for now, any limit. At the moment, this new update will reduce the number of Ethers on the market, which may prop up the price of the currency. “I see the currency moving in a range that could take it to 2,800 dollars in the coming weeks, for the future the trend remains upwards,” says José María Lerma, an analyst at Investing.com.

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