ETH v BTC: Morgan Stanley Claims They Know Which Is Better and Why
- The debate around the best, most profitable digital asset continues with ETH and Bitcoin leading the pack.
- Banking giant, Morgan Stanley has thrown its hat into the ring in support of leading Altcoin ether.
- Bitcoin enthusiasts are still backing their ‘digital gold,’ which remains the largest cryptocurrency, and have set their eyes on another massive run.
- The battle between the two assets is good for the market capitalization of the sector, promising a win-win situation.
It has been a year equally mixed with success and disappointment for crypto enthusiasts. The volatility of the market saw prices skyrocket before tumbling like a tower of cards. Two of the most popular digital assets, Bitcoin and Ethereum, have been heavily featured in the news, with many comparing the profitability of holding each coin.
Morgan Stanley, which became the first bank to offer cryptocurrencies to its wealthy clients in the US, has offered its perspective on why Ethereum is outperforming Bitcoin in the market this year. The increased worldwide adoption of both coins led to an all-time high market capitalization of over $2.5 trillion. Although at the present time things seem a little shaky in the market, ETH appears to be more solid than BTC.
Morgan Stanley Backs ETH
When experts at Morgan Stanley back an asset, it is not done on a whim. ETH has been performing better than BTC this year as Ethereum has soared by roughly 240%, while the leading digital asset of bitcoin is up by only 37%.
The leading investment bank also underlined that the trading volumes for ETH are higher than those of bitcoin, and although bitcoin has a higher market capitalization, double that of Ethereum in fact, the trading volume of ether surged to $600 billion in May.
Morgan Stanley’s claim that ETH is a better performing asset than bitcoin isn’t a stand-alone claim. In April, competitive banking giant J.P. Morgan Chase made similar claims that ETH has higher standing than bitcoin due to its recent adoption by institutional investors. Bitcoin’s volatility remains more temperamental than ether, and the losses incurred by investors as a result has led them to end up backing the Altcoin.
Ethereum crossed the $3,000 mark before further pushing to an all-time high of above $4,000. At the time of writing, Ethereum is trading at $2,406.81 with the promise of another surge looming large on the eve of upcoming developments.
On the Flipside
- Bitcoin remains the largest coin and its popularity is growing worldwide as more and more institutions adopt it.
- The Ethereum blockchain, a major contributor for the rise of Ethereum, is facing competition from Cardano, Solana, and others, amid scalability issues.
- While delays to ETH 2.0 continue, these “Ethereum Killers,” as they have been fondly dubbed, have witnessed some tremendous growth.
Why ETH May Reign Over Bitcoin
Though bitcoin is the larger coin, Eth is having a better year for a number of reasons, the first of which being that the Ethereum blockchain is the de facto home of DeFi solutions.
There are over 3,000 dApps on the Ethereum blockchain, which has increased the utility and trading volume of ether past bitcoin. The native token of the Ethereum blockchain is sought after by yield farmers around the world.
Second of all, ether is now receiving preference from institutional investors as a means of diversifying their crypto presence away from Bitcoin. Recently, for example, Goldman Sachs Inc. announced that it will begin to offer ETH options to its clients.
Fresh demand for ETH from institutional investors has certainly been a boon, increasing prices for the coin alongside the promise of ETH 2.0, which will make the platform more scalable.
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Market News, Bitcoin, DeFi, ETH, Ethereum, ethereum 2.0Read More
OhNoCrypto
via https://www.ohnocrypto.com
, @KhareemSudlow
