Ether or Tether? Find out which crypto is likely to overtake Bitcoin faster

0
8

Tether is a stablecoin, backed by fiat currency and therefore not as volatile as bitcoin or ether

The world of cryptocurrency is to a large extent unpredictable. But that doesn’t mean it’s completely chaotic. The cryptocurrency market also follows a pattern that can be studied to make future predictions. Usually, Bitcoin is at the center of all speculation. Bitcoin (BTC) is a decentralized digital currency that has become the face of cryptocurrency for many investors. However, Bitcoin often shares its spotlight with altcoins like Ether (ETH) and stablecoins like Tether (USDT). Recent competitive trends between these three digital currencies have led to speculation that Ether and Tether may soon overtake Bitcoin.

ALSO READ  Bitcoin Approaches $ 60,000 As Investors Consider First U.S. ETFs

What is ether?

Ether is the largest of the Bitcoin alternatives on the market. This altcoin ranks second in terms of market capitalization. The current price of ether is around Rs. 2.19 lakh. Ether has always maintained its position as Bitcoin’s strongest competitor.

Can it overtake Bitcoin?

Pantera Capital CEO Dan Morehead reportedly predicted Ether would soon overtake Bitcoin. The next upgrade from Ether to Ether 2.0 (ETH2) raises many eyebrows. This upgrade guarantees better functionality on its blockchain.

According to the Ethereum website, the purpose of this upgrade is to make Ether more scalable, more secure, and more sustainable in relation to our environment. It will also introduce a minimum payment for transactions. For this reason, ETH2 could attract more takers interested in better storing their crypto coins.

ALSO READ  Drones Technology Can Help Covid Vaccine Reach Remote Areas, Minister Says

What is Tether?

Tether is what we call a stablecoin. Stablecoins are backed by fiat currency and therefore are not as volatile as Bitcoin or altcoins like Ether. Tether is the strongest stablecoin in the crypto world and currently ranks fourth by market capitalization at Rs. 100 billion. Its price is much lower than Bitcoin and Ether at Rs 73.57 at the time of writing. It is based on the Ethereum blockchain.

ALSO READ  Bitcoin hits record high but on momentum for more gains this year seen intact

Can it overtake Bitcoin?

Tether has overtaken Bitcoin in the past. In December 2020, Tether came to the fore when it overtook Bitcoin as the world’s most traded crypto coin. Bitcoin still remains the biggest player due to its market capitalization. But Bitcoin and Ether can’t beat Tether when it comes to stability. Tether’s fiat currency backing gives many takers a sense of security. We won’t be surprised if it overtakes Bitcoin again.

.