The crypto market is heating up again. After trading whipsaw for over a week, Bitcoin and altcoins are showing signs of rallying. Bitcoin is up 5.5% to $38,288 while ETH gained over 8% to $1,695. ETH performed better than Bitcoin since 2020, increasing over 724% for the year.
Although Bitcoin is in the spotlight, many analysts shared that ETH could outperform BTC in 2021. For one thing, according to Grayscale, the proposed EIP-1559 fee and burn mechanism of ETH could be a bull catalyst that creates “a positive feedback loop for Ether’s price”. Proposed by Ethereum co-creator Vitalik Buterin and Ethhub co-founder Eric Conner in April 2019, EIP-1559 aims to bring down the gas fees of the Ethereum network by introducing market rates and burn mechanism. The fee of the Ethereum network is infamously high, and congestion is a common occurrence.
The recent rally of ETH could be attributed to the launching of ETH 2.0, which promises lower fees and faster-responding speed. Like Bitcoin, ETH is getting more attention and recognition from institutional investors. The about-to-launch Ether Futures on the Chicago Mercantile Exchange (CME Group) recently announced that its cash-settled Ether Futures is another factor that improves ETH’s potentials.
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