One of the main arguments against DeFi and other decentralized applications is the fact that most of the Ethereum activity today is unlikely to be sustainable. Many of the Ethereum use case examples, including stable coins and trading those stable coins for ETH, are based on the reintroduction or modification of third-party risks. This makes it questionable whether it is feasible to build these applications on a blockchain.
Bitcoin has many solutions to implement many of the popular use cases on Ethereum. Sovryn, a new DeFi application that uses Bitcoin, combines many of the most popular use cases into one interface. Bitcoin can easily adopt new tech developed by its rivals, as Sovryn shows.
If Bitcoin can adopt the features of its rivals, then the real competition among cryptocurrencies will be more about their monetary properties. Bitcoin is the best-known cryptocurrency money, with its liquidity and stability, as well as the unwavering, consistent monetary policy.
The bitcoin price also fell sharply from the record high of nearly $65,000 per bitcoin in mid-April. This was due to Elon Musk's fickle Tesla TSLA +1.5% billionaire and fears about a China-related bitcoin crackdown.
Todd Morley, co-founder, an ex-executive of Guggenheim Partners, is now a crypto- and blockchain investor and entrepreneur. He believes ethereum has a "much greater utility" than bitcoin and is "where the action."
As more countries openly accept cryptos, digital currencies are becoming more popular. Experts predict that Bitcoin will lose its position as the most popular crypto. Crypto investors will be more interested in digital currencies with better tech and greater agility. Ethereum seems to be doing just that.
Many believe that Ethereum will not be able to replace Bitcoin because it has many advantages over Ethereum. Senior market analyst Edward Moya of Oanda Corp stated that Bitcoin will remain the king of cryptos.