Amid the looming Ethereum London hard fork, Pantera Capital CEO Dan Morehead predicted that the upcoming upgrade would likely help Ether (ETH) outpace Bitcoin (BTC) as the largest cryptocurrency.
As a newer cryptocurrency, Ether has more potential than Bitcoin, Morehead said at the Reuters Global Markets Forum on Monday, noting that the latest Ethereum Improvement Proposal (EIP) 1559 upgrade will help the digital token to trade more like a fixed asset.
One of five EIPs in ETH London upgrade, EIP 1559 is an anticipated update to Ethereum’s existing fee structure, introducing a minimum payment for sending Ethereum transactions and move away from a bidding system that allows miners to prioritize the highest bids. Designed to programmatically adjust fees for users to pay the lowest bid for each block, EIP 1559 upgrade would potentially make Ether a deflationary asset.
