The director of global macroeconomics of the investment fund Fidelity, Jurrien Timmer, spoke about the performance that Ethereum has registered during the season. He referred to this as a boost which is helping ETH gain ground against the leading cryptocurrency, Bitcoin.
Considering the rise that cryptocurrencies have registered in the last year, Timmer gave his opinion regarding the valuation of ETH. He believes that this cryptocurrency has had somewhat undervalued growth, taking into account the benefits it offers.
He commented that Ethereum got off to a faster start than Bitcoin itself, while the latter kept gaining users.
Jurrien Timmer expresses that the main altcoin in the crypto world registered a considerable rise due to the sectors that emanate from it. The Ethereum blockchain has been useful for project developments such as decentralized finance and now non-fungible tokens (NFT).
In the last season, ETH has surpassed the pioneering cryptocurrency in the realm of earnings, with around 260%. Both digital art and interconnected ecosystem initiatives, their influence on the crypto market is supported.
In addition to this, Bitcoin loses ground at a time when environmental damage from high energy consumption in mining is taken into account. However, Jurrien Timmer clarifies that although there is the accelerated growth of Ethereum, Bitcoin continues to make weight in the market.
The evolution of the landscape
With current performance in mind, Timmer looks forward to seeing how the market fluctuates next year. He is on the lookout for what will happen to the flippening effect among the 2 most influential cryptos.
Faced with this scenario, he mentioned that the progress of ups and downs would be something “interesting to see.” However, doubts related to the monetary policies handled by the platform are still present. This, after the market assimilated the implementation of the EIP-1599 update.
While Ethereum is moving toward an extreme with accelerated growth, Bitcoin is proving prevalent with more investors entering the crypto sector. This scenario is achieved when BTC is recognized as a backing asset, which acts as a deflationary value for its limited number of coins.