During the summer, almost all cryptocurrencies remained in a kind of standby, the price movements did not follow a clear upward or downward movement. After most of the coins were still struggling with a violent fall in the spring, some crypto teams or even investors were definitely grateful for the calm that followed.
But now things seem to be moving again. In the last few days, the price of Bitcoin has risen sharply again and gained a significant 7% in the past week. BTC token currently costs more than USD 21,200 again. The next Bitcoin bull run will be divided into several different perspectives. A top investor also recognized this and thus preferred Altcoin to Bitcoin.
+70% – Ethereum makes Bitcoin look old
Because the Bitcoin course is not the only one that is getting moving again. Ethereum is also enjoying a very strong price rise, which now lasts much longer. Like Bitcoin, it had to lose a few feathers over the summer and even fell below the USD 1,000 mark in June. But just as the price went down, it has been on the way up again ever since. Today’s price is $1,720, and 24-hour trading volume is up 12.18%.
Similar developments can be observed with Cardano. The very volatile price has been rising again since the beginning of September. Some observers already see an active bull run in the current developments. The reasons for the race could be a change that could have a significant and lasting impact on the cryptocurrency rankings.
So, after all these years at the top, Bitcoin now seems to be facing significant competition. But why is that? Some experts agree that the developments are due to the upcoming Ethereum 2.0 update.
Not only that #Bitcoin crash, but its dominance has fallen to 38.1%, its lowest level since June 2018. Competing with nearly 21,000 other essentially worthless digital tokens, NFTs and #crypto related equities are increasing. Even if Bitcoin is scarce, its alternatives are not.
— Peter Schiff (@PeterSchiff) September 6, 2022
According to Peter Schiff, a top independent expert and economist, the new Ethereum version is a real threat to Bitcoin. He comments on the developments as follows on Twitter:
“Not only is #Bitcoin crashing, but its dominance has fallen to 38.1%, the lowest since June 2018. There is competition from nearly 21,000 other essentially worthless digital tokens, NFTs and stocks related to #crypto growing. Even if Bitcoin is scarce, its alternatives are not.”
With the completion of the major update and the new version, Ethereum is going to be faster, greener and more secure. Especially when it comes to sustainability, Ethereum is taking a big step towards the future. The update is expected to be completed on September 15th or 16th.
Ethereum course stronger than Bitcoin: these are the reasons
With the change, the demand for computing power and energy should be greatly reduced. However, the environmental aspect is not only important to the proof process, but also from a political point of view.
At the beginning of 2022, the EU discussed whether to ban proof-of-work completely, which would lead to the banning of Bitcoin and Ethereum in Europe. The provision could be avoided again, but as the issue of sustainability is becoming more important, the debate may re-emerge.
The proof-of-work process has long been criticized for its high energy consumption. In addition to Cardano and Ethereum, other cryptocurrencies will soon be transitioning to Proof-of-Stake.
The analyst MacDonald supports the importance of the new algorithm, as mentioned in the Cryptopotato article:
“At the Ethereum [Upgrade] it’s not just about Ethereum. I think post-merger investors and regulators will understand that [Bitcoins] Proof of work has never really been needed and we will soon see a major crash in the price of bitcoin.”
Top analyst McGlone, however, assumes the bull run will end differently. According to his statements, Bitcoin should emerge as a winner. According to him, it is “just a matter of time” that the coin will rise to the value of USD 100,000. He sees oil prices in a downward trend for the last quarter, which would also affect the price of Bitcoin, which could therefore explode.
Now the ADA course could develop positively thanks to PoS
The cryptocurrency Cardano, which ranks 8th in the ranking of all digital tokens, also relies on the proof-of-concept process from scratch. The ADA Coin relies on a blockchain platform developed to reduce the energy costs of networks. The proprietary process called Ouroboros is used for this.
Cardano developers see themselves as “change makers, innovators and visionaries”. The project is unique to all other cryptocurrencies. The scientific approach to developing Cardano has never been used before.
Cardano functions are already partially available, but the smart contracts are to be further developed in the coming years. Since the developers have created a pioneer in sustainable stakes with Cardano and Ethereum is now jumping on this train, this could be noticed soon in both courses.
Cardano trading volume has increased by 28% in the last 24 hours, taking the price to $0.4922. Market observers believe that Cardano has great potential. Business2community forecasts see the course at a value above USD 1 as early as next year. In 2030, the course could therefore balance between USD 14 and 15.
New cryptocurrency Tamadoge could be the next Bitcoin superpower
A token that is only in the initial blocks, but seems to be stimulating the crypto market with a lot of steam, is Tamadoge. The TAMA virtual coin is designed to drive its own metric, dedicated to the Play2Earn system.
Like Tamagotchi, NFT owners are supposed to take care of their own digital dog and use it in various competitions. The principle has already been widely accepted. So far, the developers have been able to earn more than 13 million USD in advance sales. Thus the original funding is ensured.
Now it will depend on the community. If the demand for the coins remains high, then the cryptocurrency should rise in price after the first official listing. Then TAMA could do a great job on Bitcoin as well.
Conclusion
Since the topic of sustainability is becoming more and more important in all our lives, sooner or later this will affect the world of cryptocurrencies as well, because it is growing harmlessly. Ethereum is now taking the next step in this direction.
Large cryptocurrencies, like sedentary companies, must embrace change to become more sustainable. But Bitcoin still seems reluctant to move to proofs. Bitcoin developers are already being pushed to do so by environmental organizations. But Senior Crypto Analyst Rick Delaney says “Bitcoin should not give up a proven proof of work for a consensus mechanism that hasn’t been tested in 14 years.”
So the current price developments represent an interesting start to a bull run, which brings with it an important topic this time around. And maybe the developments at the end of the year will make your favorite clear. It remains to be seen how investors, courses and communities will react to the new procedures. Until then, investors can also consider betting on the new TAMA cryptocurrency. This is where the next crypto success story could be in the offering.
