Ethereum is arguably the most popular blockchain network in the world mainly because it was the first to introduce a blockchain network that could support smart contracts and decentralized apps. These abilities are far beyond what Bitcoin’s blockchain can do.

Bitcoin is often described as digital gold and is commonly used as a safe haven to hedge against inflation and economic downturn. This characteristic combined with its first-mover advantage has allowed Bitcoin to remain king in the cryptocurrency market, but that has not stopped many from wondering whether it will be surpassed by Ethereum at some point.

Bitcoin was the pioneer cryptocurrency, but in the grand scheme of things, the Ethereum network can deliver more value which can translate into more value in the future. Blockchain technology is heavily compared to the early days of the internet because it has the potential to change many industries including banking and the internet itself. However, not all blockchains were created equal.

The Ethereum network aims to become the new protocol layer for the internet of value through smart contracts and decentralized apps. This means it will be able to capture a lot of value, which will transfer into robust growth for ETH. Bitcoin’s blockchain lacks this kind of utility, thus making it limited compared to what Ethereum can achieve.

Both blockchains have been limited by scalability issues and high transaction costs as they continue to grow. However, Ethereum plans to overcome this problem through a major overhaul to its mainnet which is planned to take place later this year. It will roll out Ethereum 2.0 which will operate on a proof of stake consensus and will have faster transactions. These changes will likely make the Ethereum blockchain more attractive to partners, and projects that will utilize the network.

A more efficient Ethereum network will accelerate the company’s plan to become the go-to network for blockchain projects. These can potentially boost ETH’s value, potentially making it more valuable than Bitcoin at some point, due to all the utility that it will provide. While this seems like a stretch considering the current huge gap between the two cryptocurrencies, it is logical that people will favor the blockchain that has more utility.

More investors will realize Ethereum’s potential as more blockchain adoption takes place, thus potentially narrowing the price gap between Ethereum and Bitcoin. However, Bitcoin’s performance will also experience changes as more people join the crypto market. For instance, it is scarcer than Ethereum, which means its demand will outweigh supply at any given point. This is arguably the premise that makes many financial experts believe that Bitcoin will soon be worth more than $100k.

Each cryptocurrency has its advantages, and right now there is more uncertainty about their future than the conclusions that can be drawn based on analysis. Even if ETH becomes more valuable, it still has a long way to go, but it is now entering unchartered territory characterized by more utility. Ultimately, this is a race that is hard to determine especially at this point and one is better off betting on both horses rather than choosing one.