Ethereum has been one of the best performers in the market in recent weeks and is currently trading above $1,600 per coin.
BTCS Inc. Chief Executive Officer Charles Allen told CoinDesk TV In a recent interview he believes that Ethereum could be a silver lining in the cryptocurrency ecosystem.
When asked about his thoughts on Ethereum, Allen said;
“I think Ethereum could definitely be the silver lining here. We have seen Ether fall below $1,000, and now it is back in the $1,600 range. Options Activity in Ethereum Bitcoin in Recent Weeks has overtaken
I think it all hinges around the upcoming Ethereum merge, which will move the Ethereum network from a proof of work to a proof of stake mechanism next month. ,
Allen said that it would be a big deal for the Ethereum ecosystem to move to a more sustainable blockchain.
He argued that Ethereum is a bigger player in the cryptocurrency industry than Bitcoin.
While many consider bitcoin a hedge against inflation in the crypto space, Allen said that Ethereum’s role in the rise of decentralized finance (DFI) and non-fungible tokens (NFTs) shows how important Ethereum is to the broader cryptocurrency market. .
Ether’s recent rally has seen the cryptocurrency’s value rise by over 40% in recent weeks. Asked whether the rally is driven by retail or institutional investors, Allen said he believes it is both. he said;
“I don’t have specific data on who is actually driving this rally, but from the institutions and individuals I have spoken to, I believe it is a combination of retail and institutional investors. However, most institutions are sitting on the sidelines and monitoring how the crypto market is currently performing.”
The cryptocurrency market performed positively last month, pushing the total market cap above the $1 trillion mark.
Bitcoin struggled below the $20k level a few weeks ago, but has been trading above $22k in recent days.