Crypto survey finds 47% of investors expect Ether to ‘surpass’ Bitcoin

If authorized, the application will be essential for the Ethereum network to recoup the marketplace share lost due to high gas costs, as the seven-day average deal cost has been above $4 considering that February. As a result, Ethereums total value locked has dropped to its most affordable level because April 2020, at 13.55 million ETH, according to DefiLlama.Moreover, decentralized application activity has actually diminished, as shown by DappRadars distinct active wallets 30-day data: Uniswap, minus 28%; 1inch Network, minus 14%; MetaMask Swap, minus 8%; and OpenSea, minus 5%. As a contrast, in the same duration, BNB Smart Chains PancakeSwap gained 10%, and Polygons Uniswap users increased 8%. Derivatives metrics stay flatEther quarterly futures have been signifying worry amongst expert traders. Those fixed-month agreements usually trade at a 5% to 10% premium compared to find markets to compensate for the postponed settlement, a scenario understood as contango.Ether 3-month futures premium. Source: LaevitasAccording to data from Laevitas, the Ether three-month futures premium presently stands at 4%, which is below the neutral threshold and lower than the 5.5% level seen on July 14. This sign is clear evidence that traders are less inclined to use leverage for bullish ETH positions.More concerningly, Ethers 59% gains year-to-date might have triggered investors to become overly positive. A current survey from CryptoVantage of 1,000 North Americans that purchased cryptocurrencies over the past 5 years found that 46% named Ether as the top competitor to exceed Bitcoin (BTC). Related: Bitcoin rally will result in “speculative blow-off top” in 2024, Mark Yusko predictsCoins with the finest possibilities of exceeding Bitcoin. Source: 2023 CryptoVantage surveyThis is a rather startling viewpoint, but it might be misleading since the study did not ask whether any coin would eventually turn Bitcoin, so respondents do not always position strong odds on this outcome.Fidelitys analysis has offered legitimate reasons for why the firm is bullish on Ethers 12-month cost performance, but in the shorter term, the reoccurring high gas fees and lack of interest from take advantage of purchasers signal increased odds of the Ether price breaking listed below the channel support.This article is for basic info purposes and is not meant to be and must not be taken as legal or investment suggestions. The viewpoints, views, and ideas revealed here are the authors alone and do not necessarily show or represent the views and viewpoints of Cointelegraph.

Year-to-date, Ether (ETH) has gotten 62%, however while the investment firm may be short-term bullish on Ether, that does not indicate it believes that the month-long bullish channel will be sustained.While institutional financiers like Fidelity Digital Assets might have a bullish longer-term vision for ETHs price, lets compare their analysis against network and market data to see if theyre on the money.Ether/ USD 1-day price index. Furthermore, the experts claim that Glassnode information revealing an increasing number of Ethereum addresses that transacted for the first time ever proves healthy network adoption.The report also points to a 15% increase in the number of active Ethereum validators in the 2nd quarter.The expectation around EIP-1153 is also building momentum for the Ethereum network, as the “transient storage opcode” improves wise agreement performance, reduces costs and amplifies the Ethereum Virtual Machine design. The change is especially meaningful for decentralized exchanges (DEXs), where Ethereums dominance declined to 46% from 60% six months prior, according to DefiLlama data.Dencun upgrade anticipated to reduce deal costsAnother potentially bullish factor for the Ethereum network is the anticipated upgrade on the leading DEX, Uniswap.

Additionally, the analysts declare that Glassnode information revealing an increasing number of Ethereum addresses that transacted for the very first time ever proves healthy network adoption.The report likewise points to a 15% boost in the number of active Ethereum validators in the 2nd quarter.The expectation around EIP-1153 is also constructing momentum for the Ethereum network, as the “transient storage opcode” enhances clever agreement efficiency, reduces expenses and enhances the Ethereum Virtual Machine style. The change is specifically significant for decentralized exchanges (DEXs), where Ethereums supremacy decreased to 46% from 60% 6 months prior, according to DefiLlama data.Dencun upgrade expected to decrease deal costsAnother potentially bullish factor for the Ethereum network is the anticipated upgrade on the leading DEX, Uniswap. Ethereums overall worth locked has actually dropped to its most affordable level because April 2020, at 13.55 million ETH, according to DefiLlama.Moreover, decentralized application activity has actually diminished, as revealed by DappRadars unique active wallets 30-day information: Uniswap, minus 28%; 1inch Network, minus 14%; MetaMask Swap, minus 8%; and OpenSea, minus 5%. Source: LaevitasAccording to information from Laevitas, the Ether three-month futures premium presently stands at 4%, which is listed below the neutral limit and lower than the 5.5% level seen on July 14.

Other Questions People Ask

What did the crypto survey reveal about investor expectations for Ether compared to Bitcoin?

The recent crypto survey indicated that 47% of investors believe Ether will surpass Bitcoin in the future. This sentiment reflects a growing confidence in Ethereum's potential, especially as it faces challenges like high gas fees and a decrease in decentralized application activity. Despite these hurdles, many investors are optimistic about Ether's long-term performance, particularly with upcoming upgrades that could enhance its functionality.

How do high gas fees impact Ether's position against Bitcoin according to the survey?

High gas fees have significantly affected Ethereum's market share, contributing to a decline in its total value locked. The survey results suggest that despite these challenges, 47% of investors still expect Ether to outperform Bitcoin. This expectation may be fueled by the anticipation of network upgrades aimed at reducing transaction costs, which could improve user experience and attract more investors.

What factors might influence Ether's ability to surpass Bitcoin as indicated by the survey?

Several factors could influence Ether's potential to surpass Bitcoin, as highlighted by the survey. The anticipated Dencun upgrade and improvements from EIP-1153 are expected to enhance transaction efficiency and lower costs, which could attract more users. Additionally, the increasing number of active Ethereum validators suggests a healthy adoption rate, further bolstering investor confidence in Ether's future performance.

What does the survey suggest about investor sentiment towards Ether's price performance?

The survey reveals that a significant portion of investors, 46%, view Ether as a strong competitor to Bitcoin, indicating a bullish sentiment towards its price performance. This optimism comes despite concerns over high gas fees and declining decentralized application activity. Investors are hopeful that upcoming upgrades will revitalize the Ethereum network and support its price growth in the coming months.

How does the current market data align with the survey findings on Ether's potential?

Current market data shows that while Ether has gained 62% year-to-date, concerns about high gas fees and flat derivatives metrics may temper expectations. The survey findings align with this data, as 47% of investors remain optimistic about Ether surpassing Bitcoin despite these challenges. Analysts suggest that if Ethereum can successfully implement upgrades to reduce transaction costs, it may solidify its position as a leading cryptocurrency.