Well I think it is possible. But honestly it all depends on Ethereum 2.0 and what the other layer 1 projects are doing to counter the rise of Ethereum. Come on, it is all about competition and Ethereum has a lot of it. Cardano is looking posed to become even bigger and surely taking part of Ethereum’s market share. Just imagine how big will Cardano get by 2022? How about the other smaller crypto projects ? These will definitely eat into Ethereum share and affect whether Ethereum can overtake Bitcoin. Sure you look at the current marketcap for Bitcoin and at Ethereum and you might think that they have a long ways to go. At the time of writing, the marketcap for BTC is USD 1.073 trillion while ETH is 411 billion. So BTC is more than double of that of ETH. And as more institutions are getting into the cryptosphere, their first foray will most likely be BTC and that will help increase BTC’s market share.
However as investors start getting more knowledgeable about cryptocurrencies in general, they would soon realize that cryptocurrencies are more than just Bitcoin. I mean if you were to ask me like just last year what are some examples of cryptocurrencies, I would most likely only give you Bitcoin. But now we all know there are plenty of other cryptocurrencies out there. And a lot of them are maturing fast and getting some good adoption. And if you ask me, there are more money to be made from other cryptocurrencies rather than just BTC. Some even call BTC a stablecoin! In the end, these institutions and “whales” are the ones that really move the market. And if you want a safer altcoin to invest in, what would that be? Ethereum. There is no doubt about that one. Just take a look at this article from zcrypto. People just see that Ethereum has more room to grow compared to Bitcoin. Whether that is true or not, it remains to be seen.
Sure Ethereum has problems the developers need to solve. Those gas fees are kind of scary for common retail investors wanting to purchase some ETH on those DEXs. We don’t need to talk about the fees on some of the Ethereum based NFTs. Those are even scarier. But then whales and those with some huge stacks of cash don’t really worry that much about those gas fees. The scalability is also the biggest drawback of the project. Can it handle the vast number of transactions? How about the past transactions? How slow will it get as more and more data are on the blockchain? Well Ethereum 2.0 is what most of us should look at to see how Ethereum will grow. If the update is successful and the features functional, I think Ethereum will probably the go to cryptocurrency for lots of investors. That is a big if though. The update seem to be delayed and pushed back time and again. And everytime such an update is delayed, it feels to me that there are problems cropping up everywhere that is preventing the update. My question would be will Ethereum 2.0 actually happen one day?
If it does happen by early 2022 or even mid 2022, I think there is a good chance that Ethereum can overtake Bitcoin by the end of 2022. If not, I think Ethereum itself might be overtaken by the other layer 1 projects. Most likely by Cardano. My opinion. But do let me know what you think of Ethereum and Cardano in the comments below.