Ethereum’s dominance has seemingly taken over the entire cryptocurrency landscape as the token remains the basis for most NFTs and spinoffs. The Ethereum blockchain is a popular hub for financial activity, but analysts from Morgan Stanley ($MS@US) believe that Ethereum could be knocked off its pedestal by a rise in competition. In a report titled “Cryptocurrency 201: What is Ethereum?” analysts, Denny Galindo and James Ferrioli argue that Ethereum could remain bearish as the market pushes back against its dominance. In part, they said, “Ethereum faces more competition in the smart contract market than Bitcoin faces in the store-of-value market. Ethereum may lose smart contract platform market share to faster or cheaper alternatives. Ethereum killers like Avalanche, Cardano, and Polkadot have attempted to steal market share but Ethereum has remained strong. However, the analysts noted that “Ethereum faces more competitive threats, scalability issues and complexity challenges than Bitcoin. Furthermore, Ether is more volatile than Bitcoin.” At press time, Ethereum was trading at just over $2800, down 6% on a shrinking market cap and sinking volume.
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