Ethereum price could accelerate higher once there is a break above $3,650 cause has a strong difference from BTC
Ethereum co-founder Vitalik Buterin has long been an advocate of the crypto community, and in a recent podcast interview, the 27-year-old expressed his views on more than just his network. But also Bitcoin and the communities of both blockchain. And will Ethereum price benefit and grow soon?
Buterin specifies the big difference between Ethereum price and Bitcoin
Buterin shared that he is worried about the possibility of the crypto space entering a cultural trap if the current schools of thought among the many supporters of the leading networks are not changed.
Ethereum co-founder Vitalik Buterin
In general, he is concerned that many crypto advocates believe in a crypto-only approach while ignoring other world issues. As for Ethereum, the entrepreneur fears that the network’s main cultural blunder could be its monopoly on the rich. Buterin adds that this is likely due to the high fees charged by carriers.
When asked if the slip would happen in the future, Buterin replied that it was possible. On why Ethereum could take over Bitcoin’s market cap, he said:
“I think the big difference between Ethereum and Bitcoin is that Bitcoin is a platform where the value of the ecosystem comes from the value of the currency, but in Ethereum, the value of the currency comes from the value of the ecosystem.”
Since the much-awaited London hard fork took place on the network in June, the issue of network fees is also being resolved while improving its transaction payment system. “Especially post-EIP 1559 when you have the fees burnt, that then becomes true in a more direct economic sense”, he pointed towards this as scoring another point for Ethereum.
ETH/USD 4-hour chart | Source: TradingView
At the time of writing, Ethereum’s market capitalization has flipped Bitcoin by almost 40% while ultimately surpassing the leading digital assets in terms of transaction volume and transaction fees. ETH price is changing hands at $3,643.
Finally, Buterin addressed the NFT craze that has enthralled the crypto community and increased traffic on Ethereum by attracting new demographics.
“I think NFTs have been interesting from a cultural perspective because they bring people into Ethereum that have a completely different mindset than DeFi and regular crypto people, for example,” Buterin stated.
The next significant resistance is near the $3,660 level, above which the price might start afresh surge. In the stated case, the price could climb towards the $3,750 level. Any more gains could set the pace for a move towards the $4,000 level in the near term.
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