Are there Possibilities of Ethereum Taking Over from Bitcoin?
Bitcoin has continued to be the most talked about currency to date. However, the market’s second popular cryptocurrency, Ethereum is growing at an alarming rate. It has been predicted that the Ethereum market cap will overtake that of Bitcoin before this year ends. Ethereum has exhibited a much richer developer ecosystem that is growing rapidly. This is the reason why Ethereum’s price has continued to escalate more aggressively than that of Bitcoin.
Is a New Challenger Looming?
Bitcoin’s value has risen by over 500% since last year. Currently, it is trading at 7,059 Euros, which is over ten times the value of Ethereum. However, Ethereum has not been left behind. Its growth is even faster than that of Bitcoin. Currently, it is worth more than 20 times the value it held just last year. Also, Ethereum has continued to creep into Bitcoin’s market. This is despite the fact that Bitcoin’s market has risen to almost half its 90% stake in just four months. Within this span, it has also reached four times its market share to a staggering 30%. If this trend is anything to go by, it will not be surprising to find Ethereum leading in the next few months.
Ethereum has continued to claim that it comes with numerous advantages. The most important one is the fact that it acts as a smart contract system. With it, you can build decentralised apps on its blockchain. This creates a mutually stimulating effect that helps increase its value.
Soon, Ethereum will be the leading and most sought-after network on the outside of the crypto world this year. It is also likely that it will go unchallenged by upcoming technologies like IOTA, EOS and Raiblocks due to its big lead on its newer projects. There are numerous reasons as to why this is likely to happen, including those highlighted next.
Some big projects that have been underway in the previous years will eventually be launched on the Ethereum net. A number of them are very promising, such as Melonport and Augur. These bear a huge disruptive power individually. For example, Melonport can disrupt fund arena and make Fidelity outdated.
Ehereum has gained over 90% market share in tokens. Although there is the likelihood that it might lose some of its token front ground, most of the new projects are expected to run on it. Ethereum is obviously going to continue struggling to keep up with the rising numbers of transactions every day. This will be helped by the upgrades of the Ethereum major network.
Those getting into the crypto world will learn about it through Dapps. This means that they will stop being speculators and become users. Dapps will be utilised as only the second step to familiarising themselves with the technology. Since it is expected that Dapps will be run on Ethereum in 2018, this will make it the most talked about technology.
When Ethereum finally finds its opportunity in the market this year, its performance is going to be very solid, making it very valuable. Although there might be some fluctuations in the pricing just like with Bitcoin, Ethereum will eventually get stable and establish trust. This will translate to a higher value in the future.