American banking giant JPMorgan has recently revealed that they believe Ethereum has the potential to outperform Bitcoin in the long run. The bank is bullish on the second-largest cryptocurrency as it has the potential to capture a share of the growing crypto-native economy.
JPMorgan Says Ethereum Can Outperform Bitcoin
Appreciating the value and potential of Ethereum JPMorgan said:
“Bitcoin (BTC) is more of a crypto commodity than currency and competes with gold as a store of value, whereas ETH is the backbone of the crypto-native economy and therefore functions more as a medium of exchange.”
However, it also mentions that the crypto king has weathered the Defi boom, which has seemingly peaked based on the reducing growth of the total value locked in various projects.
Ethereum managed to reach yet another all-time high earlier today, rising to the mark of $2,735 on the Bitstamp exchange before giving up some gains.
Meanwhile, the bull run of Bitcoin has seemingly obstructed, which translates into its dwindling market dominance that is currently placed at multi-year lows.
In addition to this, the bank claims the spot market depth of Ether has witnessed a quicker recovery from a recent sell-off in comparison to Bitcoin.
Investors Flooding Funds to the ETH 2.0 Deposit Contract
The Ethereum investors are constantly sending funds to the deposit contract of ETH 2.0 almost six months after the update was started. At the time of writing this article, the Ethereum 2.0 deposit contract holds around 4.0412 million ETH valued at $10.8 billion using the current value of Ethereum at $2,700.
In addition to this, it should also be noted that Ethereum is combining at the $2,700 price area in anticipation of what looks like a move towards the $3k price mark.
Approximately $930 million in Ethereum are going to expire tomorrow and coupling with the monthly close tomorrow, it is certain to add selling pressure on Ethereum.