Bitcoin vs Ethereum: The crypto world is buzzing and for good reason because for the first time in a long while, Bitcoin’s long-held dominance is showing real cracks, and Ethereum is stepping up in a big way, as per a report.

Bitcoin Slips as Ethereum Surges

As of this week, Bitcoin’s market dominance has dropped to 59.87%, reported Benzinga. It might still be in the lead, but that number has people talking, especially considering it was as high as 66% earlier this year, according to the report. At the same time, Ethereum’s dominance has jumped to 13.62%, riding a stunning 51.68% price surge in just the last month, as reported by Benzinga. Ether is now trading at $4,486.75, far outpacing Bitcoin’s modest 1.70% monthly gain, according to the report.

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Vitalik Buterin Returns to Billionaire Status

Ether frenzy comes following an August 11 Cointelegraph report, that highlighted that Vitalik Buterin, Ethereum’s co-founder, has officially rejoined the billionaire ranks due to ETH’s recent climb, which proved to be a testament to its skyrocketing value, as reported by Benzinga.

His comeback sparked a wave of enthusiasm across social media, with many pointing to his recent comments about Ethereum outperforming after it exceeded expectations due to its tech upgrades and booming ecosystem, as per the Benzinga report.

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Pro-Crypto Reforms Push ETH Forward

There’s also been a big shift on the regulatory front, as on July 31, SEC Chair Paul Atkins revealed a series of pro-crypto reforms that gave Ethereum an unexpected boost, according to the report. The announcement positioned Ethereum as a serious player in the future of US financial infrastructure and the market responded, as per the Benzinga report.

Ethereum ETFs Make Big Splash

Ethereum ETFs have since made headlines, bringing in a record $2.12 billion in daily inflows, compared to just $138 million for Bitcoin, according to a CoinDesk report from July 21.

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Bitcoin Struggles to Keep Up

Meanwhile, Bitcoin, despite its high price of $119,367.90, seems to be losing some steam as investors may be taking profits or shifting their attention to altcoins, and Ethereum is reaping the benefits, according to the Benzinga report. While Bitcoin’s pace has slowed, Ether's ecosystem, powered by DeFi and NFT, is pulling in capital, according to the report.

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FAQs

Is Bitcoin in trouble?
Not exactly, but its dominance is slipping, and Ethereum is gaining ground, as per the Benzinga report.

Why is Ethereum gaining popularity now?
Tech upgrades, a booming ecosystem, and strong support from new SEC reforms are all driving it, as per the Benzinga report.