Mastercard and BNY Mellon warmed to bitcoin on Thursday, supporting XRP, ether and other cryptocurrencies
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Bitcoin has struggled in recent days, falling from records while ether rallies to all-time highs. “As bitcoin loses its historic market dominance, the currency of the ‘world’s computer’ is starting to fly,” an expert said. Three experts told Insider why they think ether will surpass bitcoin as the leading cryptocurrency. Sign up here for our daily newsletter, 10 Things Before the Opening Bell
Bitcoin has been struggling, tumbling below the $47,000-level to a two-month low on April 25 after a sharp sell-off once excitement around Coinbase’s public debut tapered.
Ether on the other hand has hit record highs above $2,500, pushing the market capitalization of the second largest cryptocurrency to $300 billion for the first time.
While ether remains far behind bitcoin’s $1 trillion market value, some experts predict that it may not be long before the runner-up dethrones bitcoin as the world’s biggest cryptocurrency, which currently represents 48% of the total crypto market, according to CoinGecko.
“As bitcoin loses its historic market dominance, the currency of the ‘world’s computer’ is starting to fly, showing hints of the decoupling long predicted by ether bulls,” Tim Frost, CEO of Yield App, a decentralized finance wealth management platform, told Insider.
Frost added that now that ether has broken the $2,500 resistance level, it could head to $3,500 “very quickly.”
Ether, unlike bitcoin, not only maintains a decentralized payment network but also stores computer codes that power contracts and applications that are, thus far, tamper-proof.
Sergey Nazarov, co-founder of Chainlink, an oracle network that secures over $15 billion worth of assets on the ethereum blockchain, told Insider that the recent rally in ether, is in fact, spurred by the rise of decentralized finance applications, which are now worth over $59 billion.
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