Briefly –
- Ethereum challenges BTC’s dominance as the crypto market cap exceeds $2 trillion, the highest since May.
- Cardano follows ETH close as it awaits its smart contract upgrade, ADA surged to $2.
- Fans suggest the Polkadot and Solana are technically cutting-edge than Ethereum, their rival.
For now, Ethereum dominates the NFT (non-fungible token) marketplace, and it seems NFT apps might shift to layer-2 resolutions from the ETH mainnet. On the other part, Ethereum killers compete for the NFT market share.
ETH Rallies, Rivals Compete for Dominance
The recent market reactions have the largest altcoin by market cap surging as the overall market capitalization sees $500 billion additions. While writing this, BTC and ETH remain the dominants in the crypto space.
However, analysts expect a change of narrative due to the aggressive competition that the coin experience from rival blockchains such as Polkadot (DOT), Solana (SOL), and Cardano (ADA).
Ethereum enthusiasts eagerly await the ETH2, connected updates that will make the platform more secure and scalable. Keep in mind that ETH has posted consistent upside gains since the London fork surfaced in the Ethereum network.
While writing this, Ethereum gained by 14.4% over the past week as it targets the levels above its ATH.
According to 2nd quarter earnings reports by Coinbase, Ethereum’s trading volume exceeded BTC’s in 2021 Q2. That had analysts predicting a “flippening” – the time when an altcoin become valuable than the authoritative crypto, Bitcoin.
As BTC price remained in the range-bound beneath $46,000, Ethereum has chances to surpass Bitcoin as the leading crypto by market cap.
While Ethereum strides to its market dominance, rivals surface with stiff competition. Polkadot, Solana, and Cardano are the crypto projects ready to join Ethereum higher highs reactions.
ADA, DOT, and SOL gains as market players await the ETH2 update. The alternative coins target higher NFT and DeFi market share as ETH plans to finalize its upgrades.
Keep in mind that Ethereum has dominated the NFT world since 2014 – its inception. However, it now seems like most NFTs will shift to Layer-2 solution or try different blockchains with specific applications instead of Ethereum’s platform.
What are your thoughts as far as the crypto market dominance is concerned? You can comment below.
