Bloomberg asserts that Ethereum’s run to surpass Bitcoin is tied to several of its use cases, including being a cornerstone for the DeFi industry. Furthermore, the role of its native asset, Ether, plays an important role in the ecosystem. Bloomberg goes on to mention that Ethereum has been steadily eating into the market share of Bitcoin, with its market cap now being half of Bitcoin’s. The report explains:
Ethereum has continued to attract institutional investment, with some reports claiming that investors are pulling out of Bitcoin in favor of Ethereum. Recall that the ETH 2.0 staking contract recently crossed 5 million ETH in deposits.