Ethereum could outshine Bitcoin in 2023 with massive growth in layer-2 transactions
Ethereum, the second largest cryptocurrency by market capitalization, witnessed massive growth in its ecosystem despite deflation in risk assets in 2022. Bloomberg strategists believe the altcoin is set to outshine the largest cryptocurrency.
Ethereum, the largest altcoin by market capitalization and the second-largest cryptocurrency, is competing with Bitcoin for dominance. Strategists at Bloomberg noted that Ethereum price increased consistently against Bitcoin, despite the bear market. The Ethereum/Bitcoin (ETH/BTC) cross rate is 0.08, nearly the same as May 2021 when the Nasdaq 100 stock index was 20% higher.
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