On last Wednesday, social media platform, Twitter, announced a giveaway of 140 free nonfungible tokens to 140 followers in a series of tweets. The giveaway was announced through Rarible, which is one of the leading NFT platforms in the market, using the Ethereum blockchain network.
However, although Twitter announced the giveaway, the CEO of the company, Jack Dorsey has once again rejected the idea of him investing in Ether. One of the users of Twitter posted that he believed that it is only a “matter of time” before Dorsey buys Ether, which was replied by the CEO of the company with a simple “No.”
The reaction from the market participants as well as larger society was not late. One of the representatives of Cinneamhaim Ventures, Adam Cochran, criticized the CEO of the social media, saying that he still is a “BTC maxi”, while Twitter itself prints EThereum-based NFTS on Rarible. Dorsey is a huge bitcoin fan.
He is also a founder of the crypto-friendly payment firm, called Square. Dorsey has been a fan of bitcoin for a long time now. Previously, he has expressed his loyalty to bitcoin saying that he only has invested in bitcoin. In addition, back in June, during the Bitcoin 2021 Conference, he said that Bitcoin changes everything in the market, and said that he does not believe that there is anything more enabling for people around the world.
Rejecting to move to altcoins
Dorsey has long rejected moving to altcoins and has been known for long as a huge bitcoin believer. Dorsey has many times argued that bitcoin will be the single currency on the internet in the near future. Previously, he has refused to move to other altcoins, including Ether. He says that he invested only in bitcoin back in 2019.
However, while Dorsey is a huge bitcoin fan and altcoin non-believer, there are numerous huge bitcoin enthusiasts who have admitted that at some point in the future, Ether could eventually flip bitcoin as the world’s largest cryptocurrency. One of such people is Mike Novogratz, who is the founder and the CEO of a crypto investment firm Galaxy Digital. He has recently said that Ethereum could, at some point in the future, actually become the biggest cryptocurrency.
The debate between bitcoin enthusiasts and other altcoin fans has been ongoing for a long time now. While some say that they believe that bitcoin will remain to be the main crypto in the future, there also are others who claim that other cryptocurrencies also have a chance.
According to some crypto enthusiasts, the Ether is the cryptocurrency that has the biggest chance of flipping bitcoin. The discussions around this have increased dramatically after Ethereum announced its update, which envisages making cryptocurrencies more environmentally friendly.
Ethereum 2.0 and anticipations in the market
Many believe that the release of Ethereum 2.0 will be a huge catalyst that drives the price of Ether higher. Ether is the native cryptocurrency of the Ethereum network. Ethereum 2.0 is a set of upgrades that are currently in progress on the Ethereum blockchain that is aimed at making the network more scalable, secure, as well as sustainable.
According to the Ethereum representatives, they have been working on these upgrades since 2014 and it represents a huge transition of the world’s second-largest cryptocurrency.
However, among the many updates coming with Ethereum 2.0, the biggest one is thought to be the plan to move away from the current mining system, which is very much energy-intensive and not environmentally friendly whatsoever.
The mining process will be changed with staking, which will help market participants store a certain number of tokens away in a crypto wallet on their own personal device. According to some estimates, this transition could make Ethereum 2.0 100 percent more energy efficient.
Ethereum trading’s increasing popularity
While crypto enthusiasts are discussing the future of Ether, many newcomers are joining the market. Everything is made easier thanks to the numerous crypto exchanges offering traders in all concerns of the world the ability to invest in the market with just a few clicks.
In addition, traders are no more required to do extensive research on the market conditions to make profits with crypto trading. There are numerous software development companies that have created different types of crypto trading bots, giving traders the ability to invest in the market without spending the whole time trading and researching. The good illustration here is a trading tool from Bitsgap that offers traders an opportunity to trade Ether and other coins automatically. Bitsgap trading bots are known for giving traders detailed information about the ongoing events in the market. It is capable of automatically analyzing the market as well as actually trading cryptocurrencies. It opens, sells, and buys orders on its own, which makes everything automatic.
You can even use free demo mode to check the bot’s performance before investing in cryptocurrency. This is an amazing opportunity for those who do not have enough time to invest in the market but want to be part of it. Most of the available crypto trading bots are able to trade different types of cryptos.
Although it is hard to say whether Ether will really manage to take over the market leadership or not, it is a fact that the new update promises a whole new level of safety, security, as well as environmental-friendliness to the cryptocurrency market.