Altcoin, unlike the main cryptocurrency, can be used not only as a “store of value”, according to Bloomberg Crypto Outlook monthly report.
Ethereum is on track to surpass Bitcoin in market capitalization, Bloomberg analysts say in their monthly Crypto Outlook report . In their opinion, altcoin, unlike the main cryptocurrency, can be used not only as a “store of value”. Analysts note that Ethereum has grown from an ordinary digital coin into an entire ecosystem.
The report emphasizes that at the beginning of June, the altcoin capitalization, according to CoinGecko, is $ 307 billion, or almost half of the bitcoin capitalization ($ 689 billion). Since the beginning of the year, the capitalization of Ethereum has grown by 265%, while the capitalization of the main cryptocurrency is only 22%.
Bloomberg analysts also recalled the recent drop in the Ethereum rate to $ 1.7 thousand. According to them, this led to the fact that the altcoin price can now be considered a discount price, the digital coin is trading at $ 2.63 thousand. Analysts at Bloomberg claim that the cost of Ethereum in the near future will be in the range of $ 2-4 thousand.
In May, Ethereum already surpassed Bitcoin in mining profitability. Last month, revenue from mining the main cryptocurrency amounted to $ 1.45 billion, down 15% from April. During the same period, Ethereum miners earned $ 2.35 billion.
