This cryptocurrency has a bright future ahead.
As Bitcoin, sits at $48,342, you think that you have no chance to own a whole Bitcoin. If that is the case, don’t worry since there is a good alternative cryptocurrency with a lot of promise. The cryptocurrency is Ethereum.
Ethereum doesn’t draw as much attention as Bitcoin but it will soon if it already hasn’t.
This cryptocurrency was proposed by Vitalik Buterin in the 2013 white paper. Ethereum is a blockchain technology created in software. Ethereum has many use cases for the cryptocurrency as compared to Bitcoin.
Several platforms today use Ethereum or rely on the cryptocurrency which increases its demand. The Ethereum technology allows for software developers to use the Ethereum blockchain for smart contracts.
In addition to Ethereum’s use on graphics cards for mining Ethereum and smart contracts, this cryptocurrency has seen more requirements for its use.
Decentralized Finance or DeFi is a term that means financial applications in cryptocurrency or blockchain that will disrupt traditional financial institutions.
Most DeFi products are built on top of Ethereum.
“[DeFi], which is so far building an alternative financial system that is more accessible and democratized, is largely built through decentralized applications on the ethereum network,” commented University of East London senior lecturer Iwa Salami.
With the rise of Non-fungible tokens or NFTs, these are becoming more popular. NFTs are another word for digital art that are sold online.
NFTs are usually one of a kind or a limited set of an image that is sold.
Many NFTs are purchased with Ethereum but a few others can be purchased with other cryptocurrencies such as Tron, EOS, Polkadot and others.
Ethereum is priced at $3,719.93 at the time of this writing. This year Ethereum has increased 1,718% from a low of $90.40 a year ago. Buying Ethereum a year ago was the best time when the cryptocurrency market was relatively quiet.
“The shift to proof of stake for block validation reduces carbon emissions by 99.9%, making Ethereum a green technology,” Kaspar explained Friday on Yahoo Finance Live. “So these two updates on the network alone could push Ethereum to a trillion-dollar market cap which is where bitcoin is at today — that would make Ethereum around $8,000 to $10,000 a coin.”
Another future Ethereum prediction gives a lot of hope for investors.
“We are likely to see major upgrades to the ethereum network this year, and those can be expected to push the price higher,” said panel member BitBull Capital chief operating officer Sarah Bergstrand — who thinks Ethereum will rocket to a staggering $100,000 by 2025.
The Ethereum price could soar up to $19,842 by 2025, according to the panel average, with the majority of the 35 panelists predicting Ethereum will be the most widely transacted digital currency by the end of 2022 — edging out bitcoin.
If you missed out on Bitcoin when it was below $20,000 don’t worry. Ethereum is your next best option.
The future is bright for this cryptocurrency.
Do you have a cryptocurrency you would recommend?