From the beginning of 2021 to date, Bitcoin is up by 15%. Remember, Bitcoin had a massive bull run towards the end of 2020. Therefore, everyone began to give attention to it. Meanwhile, the hype and media have forgotten about Ether. Ethereum is as well the second largest cryptocurrency after Bitcoin.
Recently, Ethereum hit a milestone of $1,400. The price is an all-time-high that the coin has achieved 3 years ago. Certainly, the surge in the price of Bitcoin is helping Ether too. Price consolidation of BTC is helping to pump money into Ether. Accordingly, other speculations say that Ether’s high price might be a result of Ethereum 2.0. Ethereum 2.0 was launched in December 2020 and so far, it has over 3 million Eth. Therefore, about $3.8 billion is locked in the project and most of it is not circulating.
Ethereum is the underlying asset in the development of Decentralized Finance (Defi). Meanwhile, most tokens using the Defi protocol are also on the rise. Tokens like MakerDAO, SushiSwap, Curve, Aave, Synthetix, and Uniswap. Most of these have made more progress than BTC and ETH in 2021.
Ethereum currently has a market cap of about $150 billion. Therefore, Ether seems to be a substitute asset to Bitcoin in 2021.