Market Wrap: Ethereum Hard Fork Rally Outperforms Bitcoin
Ether, the second largest cryptocurrency by market capitalization, was in the spotlight on Thursday as the latest hard fork upgrade, which wasa dubbed “London,” officially activated on the Ethereum blockchain network. The upgrade contributed to bullish price action as ether rose about 5% over the past 24 hours, compared with a 3% rise in bitcoin during the same period.
Despite ETH’s rally, some analysts expect widespread institutional adoption to take a few years. Institutional interest boosted bitcoin’s investment appeal over the past year, which contributed to a crypto rally during the fourth quarter of 2020.
“I think Ethereum might flip the bitcoin market cap in the long term, but not this year,” CryptoQuant CEO Ki Young Ju, said in an interview with WuBlockchain.
“I met Goldman Sachs, Fidelity and other big institutional asset management firms in Miami a few weeks ago and they said they’re still struggling explaining what Ethereum/DeFi (decentralized finance) is to their bosses,” Ju said.
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