IMPORTANT POINTS:
- A survey reveals that 78% of Americans believe that Bitcoin will exceed its all-time high and that Ethereum has a better chance of surpassing Bitcoin in market value.
- According to the Fidelity Digital Assets Signals Report, both Bitcoin and Ethereum show a solid growth path.
- Significant changes to Ethereum are anticipated, such as the adoption of EIP4844 and the launch of the base mainnet.
A recent survey conducted by the cryptocurrency portal CryptoVantage offers us an interesting perspective on the attitudes of Americans toward cryptocurrencies.
According to the study, 78% of those surveyed believe that Bitcoin will surpass its all-time high, although only 23% think this will happen in the next year, and 47% believe it will happen in the next five years. Only 8% of people believe that Bitcoin will never reach its all-time high again.
Interestingly, 21% of those surveyed believe that Dogecoin (DOGE) has the best chance of overtaking Bitcoin in market value at some point, while 46% of Americans believe that Ethereum (ETH) has the best chance of doing so.
Fidelity Digital Assets’ “Signals Report Q2 2023”, released on July 18, 2023, also provides fascinating data on the development and outlook for Bitcoin and Ethereum.
Research suggests that Bitcoin and Ethereum have a solid growth path ahead of them. Bitcoin has maintained significant price levels with an increase of approximately 85% year to date, while on-chain indicators stabilize after speculative activity. Up nearly 62% year-to-date, Ether is showing potentially positive price signals and rising on-chain metrics.
Since the anticipated “Merger” in September 2022, there has been a net decrease in supply of over 700,000 Ether, suggesting less issuance. The growing number of Ethereum addresses making their first transaction indicates healthy adoption of the network.
Additionally, there were 15% more active Ethereum validators in Q2, indicating an increase in network security awareness.
Growth beyond 2023
However, there is a lot going on in the Ethereum ecosystem in terms of new developments, and the community is looking forward to significant changes that are expected to increase platform usage and user interest. Two crucial actions that will be implemented soon and are expected to greatly improve the Ethereum ecosystem are the adoption of EIP4844 and the launch of the base mainnet.
The highly anticipated EIP4844 enhancement, which is expected to be operational by the end of the year, seeks to significantly reduce rollup-related costs. Rollups are a Layer 2 scaling solution that seeks to increase Ethereum’s transaction capacity while maintaining its security. This change will likely improve the user experience and attract more developers to the platform by reducing rollup costs.
The launch of the base mainnet, which has the potential to attract millions of additional users to the ecosystem, is another crucial milestone for Ethereum. The expansion of the mainnet will make it easier to enter and participate in the Ethereum network as the popularity of decentralized finance (DeFi) and blockchain applications skyrocket. This increased accessibility could lead to a huge increase in the acceptance and use of Ethereum.
Ethereum rollup solutions are undergoing general improvements, in addition to these essential ones, which will benefit users and developers. These enhancements are expected to improve the performance, efficiency, and usability of the platform’s Layer 2 solutions, encouraging further usage and innovation within the ecosystem.
In addition, the Ethereum community expects the vibrant growth of new applications in rollups, layer 2 and layer 3. Through these advances, new DeFi platforms, autonomous worlds and the tokenization of physical assets are expected to emerge. The Ethereum ecosystem is expected to experience a surge of innovative and disruptive applications as developers explore the potential of these new capabilities.
