Cardano Founder: Ethereum Will Overtake Bitcoin

Cardano founder Charles Hoskinson has predicted a quick victory of Ethereum over Bitcoin.

Charles Hoskinson talked about cryptocurrencies and why he believes ethereum is poised to overtake bitcoin in the near future. He started by talking about the speed of bitcoin transactions. Pointing to the sluggishness of the network and how slow it is in comparison to other proof of stake networks.

Focusing on ethereum in particular, he said that the coin outperformed bitcoin in so many ways.

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Ethereum Is Superior To Bitcoin

Ethereum has been gaining popularity over the years as digital currencies become more popular. It is the second most popular coin behind bitcoin currently. With lots of investors throwing their hats in the ring with the coin. Believing that the coin is bound for greatness much higher than that of bitcoin. And Hoskinson seems to be a part of this crowd.

Related Reading | Ethereum to $20,000? Factors Behind The Bold Call

One of the ways Hoskinson said that eth was better than bitcoin was the flexible development culture associated with it. A good depth evolution was one of the advantages he referred to amongst others.

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Any faults found in the ethereum network are fixable. There are no issues that are locked into the network. This is what makes development in the blockchain so flexible.

An example of this is Ethereum 2.0. A development that has been in the pipeline for a while now. It is meant to replace the current network. And in doing so, solve the bottlenecks that come with using the network. Making it cheaper to send coins even in high traffic times.

The upgrade is also going to help with scalability and security. Making the whole network much more secure for users.

This is being developed by teams across the entire eth ecosystem.

Bitcoin Is Its Own Worst Enemy

Continuing on, Hoskinson called out bitcoin for being its own worst enemy.

Ethereum price chart from

Ethereum price chart from

Ethereum price | Source: ETHUSD on

The CEO pointed out that bitcoin is riddled with network effects. But pointed out that there was no way to change the system. This means that improvements on the network are not possible. This makes fixing the obvious flaws associated with bitcoin near impossible.

The high network fees associated with sending bitcoin have always been a debated issue in the crypto space. This was meant to be solved with lightning technology. But even with this new technology, high network fees continue to be the norm.

This is not to say that ethereum does not have the problem of high network fees during high traffic times. But compared to bitcoin, it still remains a much better alternative in a match between the two.

Cardano beats out both in this regard. The coin costing only about a penny or two to send on the network.

Related Reading | More Than $1 Billion In Crypto Positions Liquidated In Overnight Bloodbath

But with ethereum, these were not issues. Network flaws can be fixed in the network without a problem due to its development flexibility. Because of this, there are always improvements being carried out on the network. Developments are always underway to make the network better and easier to use.

The Cardano founder went on to say that in a battle, his money was on ethereum. As against bitcoin, ethereum is always bound to come out better 9 out of 10 times.

Closing out, Charles Hoskinson clarified that the battle of cryptocurrencies is still in its early stages. There are already several blockchains struggling for a major share in the blockchain market.

Ethereum and bitcoin lead the race in the battle. But Hoskinson noted that despite this, Cardano is still a serious competitor to all the other blockchains in the space.

Featured image from Capital, chart from


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Bitcoin price bounces to $33K but analysts say ‘it’s too early’ to call a bottom

Cryptocurrency investors found little reprieve on June 22 as the price of Bitcoin (BTC) fell below $30,000 for the first time since January, sparking panic among less experienced market participants who have yet to experience a full market cycle. 

While Bitcoin has been under increasing pressure from multiple sources since early May, the most recent bout of selling has been largely attributed to capitulation by China-based miners who have been forced to abruptly shut down their operations.

Data from Cointelegraph Markets Pro and TradingView shows that after dropping to $28,800, Bitcoin price bounced back above the $30,000 level and currently trades for $32,600.

BTC/USDT 4-hour chart. Source: TradingView

The strong bounce came after comments from Brian Nelson, the current nominee for Under Secretary of the Department of the Treasury’s division on terrorism and financial crimes. Nelson said he was going to make the implementation of new regulations around cryptocurrency a priority if he is confirmed.

Miner crackdown in China sparks market turmoil

The pressures put on Bitcoin and the overall cryptocurrency market was highlighted by Élie Le Rest, partner at digital asset management firm ExoAlpha. Le Rest told Cointelegraph that “Chinese market participants have been massively selling during the past month.”

Le Rest also pointed to the “Grayscale unlocking schedule leading to more selling pressure,” resulting in some panic selling by the less experienced traders in the market.

Le Rest said,

“With newcomers in the crypto market seeing their profit and capital getting wipe out by selling waves, newcomers are taking their loss as they can’t stomach this much negative volatility anymore.”

Due to these pressures, Le Rest believes that the market could range in the “lower tranches of $25,000 to $35,000” in July, with the low volume usually seen in August having the potential to “accelerate this downside trend or build the upside trend.”

The upside case for today’s move was provided by David Lifchitz, managing partner and chief investment officer of ExoAlpha, who stated that the activity seen in the market on June 22 “seems to have drawn the line in the sand for BTC at $29,000 and Ether (ETH) at $1,700, given the swift bounce.”

Related: Bad call? Bitfinex bears closed a block of Bitcoin shorts before the drop below $32K

That being said, Lifchitz warns against throwing caution to the wind as the volatile nature of the crypto market makes picking a bottom notoriously challenging.

Lifchitz said:

“However, it’s too early to tell if this is “the” bottom or just a temporary floor before more downside. The lack of any upside catalyst (besides some contrarian oversold metrics) remains the biggest hurdle for cryptos to bounce back… Paging Mr.Musk, paging Mr.Musk.”

Altcoins see double-digit losses

The altcoin market followed Bitcoin’s lead on June 22 with a majority of tokens seeing double-digit losses as traders ran for the safety of stablecoins.

Daily cryptocurrency market performance. Source: Coin360

The price of Ether managed to rebound along with the price of BTC, helping erase a 15% correction and send the price back above $1,900.

Two tokens that managed to rise above the market turmoil and see positive gains for the day were Livepeer (LPT), which posted a 15% gain and Celo (CELO), which saw its price increase by 9%.

The overall cryptocurrency market cap now stands at $1.303 trillion and Bitcoin’s dominance rate is 47.1%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.