InstaForex

October 12, 2021

Ethereum (ETH) Replaces Litecoin (LTC), Becomes Silver To Bitcoin (BTC)?

 In the latest forecast, HIVE Blockchain executive chairman Frank Holmes is confident Ethereum will get more attention than the current situation and will likely turn silver to Bitcoin gold.


Is it relevant for Ethereum to replace Litecoin (LTC)? According to Holmes, while gold moved to the Moving Average level of 50 (MA50) and increased by 15%-20%, silver also recorded a sharp jump of 30%.


So is Ethereum which reflects silver when the price of Bitcoin starts to move: "Ethereum soars high if Bitcoin reaches its highest level."


Not only that, while gold is the choice as a safe haven asset, silver has a larger number of use cases than gold.



The same is true if Bitcoin is viewed from a savings aspect, Ethereum still wins because it has a much higher use case: “Just like silver, 20% of the demand for silver is for solar energy. It has a higher eco -friendly rate, does not become a viral breeding ground, and is more widely used in medicine. So is Ethereum, it is used for DeFi and NFT. ”


Interestingly, a dumping of youngsters uses GPU chips for games, and all of them are capable of mining ETH. The matter indirectly led to the limitation of coins.


This can be seen in machines that normally produce 300 ETH a day when the asset was trading at $ 300, now only produce 80 ETH a day.


Holmes also sees Ethereum’s transition to a consensus Proof-of-Stake (PoS) mechanism as a matter of concern as ETH supply will dwindle.


But of course it won’t stop ETH’s demand and public interest.