Ethereum $2,652Bitcoin has long been the second largest cryptocurrency in terms of market value. 
$65,693It is the closest rival of . While Bitcoin’s dominance is above that of Ethereum, cryptocurrency investors are speculating on its potential growth if ETH one day catches up with BTC’s total market cap. So is this possible?
Ethereum Expected to Reach Bitcoin Market Cap
At the time of writing, the price of ETH is trading at $2,643 and its market cap is $318.2 billion. Considering the widespread use of decentralized finance, NFTs, and ETH, Ethereum’s market cap is currently well below Bitcoin’s $1,298 trillion.
However, thanks to the transition to Proof-of-Stake, increasing institutional adoption, and significant inflows into spot Ethereum ETFs in the US, Ethereum’s price recovery is expected to accelerate and become capable of challenging Bitcoin’s market dominance in the future.
If Ethereum reaches Bitcoin’s market cap, the price of ETH could rise to around $10,785, given the circulating supply of approximately 120 million ETH. This represents a 309 percent increase from the current price.
Basic Principles for Ethereum Growth from Vitalik Buterin
Vitalik Buterin, one of the co-founders of Ethereum, has established a set of basic principles to ensure harmony in the Ethereum ecosystem. Buterin emphasized prioritizing open source development, open standards, and decentralization and security. He also noted the importance of collaboration and alignment towards Ethereum’s goals and the broader global Blockchain community.
Buterin on his blog “My ideal goal here is to see more assets like L2beat emerge and track how well individual projects meet the above criteria.” he said
When these developments are implemented, Ethereum’s attractiveness in the cryptocurrency market will increase and its potential to catch up with Bitcoin in terms of market value will strengthen.
Ethereum Price Support Test Coming Soon
Like other major altcoins, the price of ETH has shown a significant correction since late May 2024. The downtrend pulled the altcoin king from $3,974 to $2,649. That means the price dropped by 33 percent.
If selling pressure continues to increase, Ethereum price could decline by 18.7 percent before retesting a key support trend line. Historically, a potential reversal from such dynamic supports has caused the altcoin’s price to double and signaled a significant accumulation zone.
Ethereum has the potential to catch up with Bitcoin’s market cap thanks to its active expansion and increasing conscious investments in the Defi ecosystem. When the market value of ETH reaches $1.298 trillion, the price of ETH will rise to approximately $10,785.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
