Yes, BTC clearly won the SOV narrative battle against ETH and others. But that doesn’t mean there is no place for alternatives. I disagree that it’s a winner take all market.
There are several arguments for ETH outperformance from here:
1) Bitcoin market cap is at 9x of Ethereum. Should the second biggest coin in the market be valued so low compared to the first one?
2) Bitcoin have endured through time and proved resilient. But it doesn’t guarantee that it always will. There’s a value in betting on alternatives in case they eventually catch up. You have to account for unforeseen security and economic risks.
3) MSTR purchasing BTC process will eventually stop. Yet we have seen the major demand for this type of asset. This could easily be replicated by another public company acquiring ETH.
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