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What currency surpasses Bitcoin (the next currency beyond Bitcoin)

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What currency surpasses Bitcoin? Editor\’s Note: This article is from Caicloud B

What currency surpasses Bitcoin (the next currency beyond Bitcoin)

What currency surpasses Bitcoin? Editor’s Note: This article is from Caicloud Blockchain (ID: cybtc_com) and authorized by Odaily Planet Daily for reprinting.

The price of Bitcoin has surpassed its historical high, currently hovering around $20,000, only a step away from its all-time high.

So what currency surpasses BTC? The answer is “What currency”. What does it mean for a currency to surpass Bitcoin? What does it mean for Bitcoin to surpass Bitcoin?

Nic Carter, co-founder of cryptocurrency analysis company CoinMetrics, tweeted, “Technically, we believe that Bitcoin has reached an unprecedented high.” He further pointed out, “Bitcoin has entered the mainstream market of mainstream financial assets and is trying to break this status quo, which means that as people’s interest in digital currency and blockchain technology continues to increase, and Bitcoin is becoming a new standard for payment media, it will be further adopted and change the global trade settlement model.” However, this transformation does not seem to have occurred outside of Bitcoin. In fact, it is the only thing that can be used as a means of storing value, and it is a more efficient and secure way to transfer value than gold.

This prediction is consistent with the report released in November last year: Bitcoin is expected to replace fiat currency as the world reserve currency. However, due to the influence of factors such as governments taking measures to restrict or prohibit the use of private funds to promote international transactions, Bitcoin has also shown some positive development signs. According to Glassnode’s data, the number of activities on Ethereum surged in January 2020, and at the beginning of this year, Bitcoin’s dominance has risen to over 70%. Since 2019, Bitcoin has maintained a strong growth momentum, and recently set a new high.

At the same time, altcoins have also shown a clear upward trend, such as Litecoin and Dogecoin have performed well. According to CryptoCompare’s research report, in the past 12 months, among all altcoins, only Bitcoin has risen by more than 50%. (Note: Except for Bitcoin, most other altcoins have fallen, because these projects have no actual profitability, so they will not be affected.)

Even Bobby Lee, CEO of Bitcoin.org, recently released a blog post stating that the price of Bitcoin may continue to decline for a period of time, but the article has not yet been commented.

The next currency beyond Bitcoin

Editor’s Note: This article is from 8btc (ID: bitcoin8btc), author: JOSEPHYOUNG, translated by Overnight Porridge, authorized by Odaily Planet Daily for publication.

Foreword: With the continuous rise of BTC price, the continuous rise of DeFi concept, and the high enthusiasm of market participants, Ethereum has also ushered in its own rebound period. However, this time’s rise is mainly due to the sharp rise in the price of Bitcoin itself. From historical data, Ethereum has now surpassed the $1,000 mark; on the other hand, some other competing currencies are also rapidly soaring in market value. However, for Ethereum, it is still in the early stage of development and has not yet appeared a mainstream cryptocurrency like EOS and Tron that can surpass the market position of Bitcoin. Nevertheless, its market value has not reached its peak. The total lock-up volume of Ethereum has exceeded $10 billion. The decentralized finance (DEFI) applications on Ethereum are growing rapidly. According to CoinMetrics data, in March this year, the number of monthly active users on the Ethereum blockchain reached more than 200 million.

Although the launch date of Ethereum 2.0 has not been seen yet, Ethereum’s network is still relatively stable as the on-chain activities continue to increase—the daily number of processed transactions is about 30 million. In addition, according to Glassnode data, the “ETH balance in addresses” has increased by one billion.

Since mid-December 2020, Ethereum has averaged about 10,500 transactions per day, which means that a considerable number of Ethereum nodes did not make any profit during this period. However, there has been a surge of new users in the past few weeks. The number of active wallets on Ethereum has also increased. In the past week, the number of active wallet addresses on Ethereum has more than doubled, and new users are added every day.

It is worth noting that Ethereum developers are working hard to solve this problem: “Why use Bitcoin? We need a way for people to immediately own and exchange these tokens.” The main development of Ethereum adopts the Proof-of-Stake (PoS) consensus algorithm, which allows a smaller and more decentralized block size limit for validators. “Everyone can verify within a second,” said David Hoffman, CEO of Ethhub. “I think this is the direction of future development.” He added, “If everything goes well, then Ethereum will become one of the greatest blockchains of the next generation.” In the next few months, Ethereum may be fully compatible with Ethereum, as they can easily achieve “two-way anchoring”.

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