Among the looming Ethereum London difficult fork, Pantera Capital CEO Dan Morehead predicted that the upcoming upgrade would likely help Ether (ETH) outpace Bitcoin (BTC) as the largest cryptocurrency.

As a newer cryptocurrency, Ether has more potential than Bitcoin, Morehead said at the Reuters Global Markets Forum on Monday, noting that the latest Ethereum Comeback Proposal (EIP) 1559 upgrade will help the digital token to trade more similar a fixed asset.

One of five EIPs in the Ethereum London upgrade, EIP-1559 is an anticipated update to Ethereum's existing fee structure, introducing a minimum payment for sending Ethereum transactions and move abroad from a bidding system that allows miners to prioritize the highest bids. Designed to programmatically conform fees for users to pay the lowest bid for each block, the EIP-1559 upgrade could potentially make Ether a deflationary asset.

"Yous'll see a transition of people who want to store wealth, doing it in Ether rather than just Bitcoin," Morehead predicted, adding that the cryptocurrency's shift to Ethereum 2.0 will significantly reduce Ether's mining energy consumption levels compared with the one of Bitcoin. Ethereum'south wide implementation in decentralized finance applications would also help Ether grow bigger than Bitcoin, he said.

Despite predicting a brighter future for Ether, Morehead is yet optimistic almost Bitcoin's growth in the hereafter. The CEO reportedly predicted that Bitcoin would merchandise between $80,000 and $ninety,000 past the end of 2022, rise above $120,000 inside a year. Surging mainstream adoption could further drive Bitcoin'southward price to as high equally $700,000 in the next decade, Morehead noted.

Related: Ether price hits 2-week high as London hard fork momentum builds

Launched in 2022, Ether is the 2nd most valued cryptocurrency, with a market capitalization amounting to $290 billion at the fourth dimension of writing. Scheduled to have identify on Wed, the Ethereum London is one of the biggest Ethereum upgrades designed to move its blockchain from proof-of-work (PoW) to proof-of-stake, meaning that the network would mostly rely on staking instead of mining. Launched in 2009, Bitcoin relies on the PoW consensus algorithm.

Morehead is not solitary in thinking that Ether could outperform Bitcoin in the future. Mike Novogratz, founder and CEO of crypto investment business firm Galaxy Digital, predicted in tardily June that Ether could become the "biggest cryptocurrency one twenty-four hours."