Bitcoin is the original crypto token and is by, and large the most well known of the cryptocurrencies, but many have been left wondering if this will always be the case. This has become an even more pertinent topic as the price level of Bitcoin fell by 30%, and yet smaller alt-coins are making massive gains. Ethereum has been racking up gains as it has reached almost twice its initial value from the beginning of 2020, which of course begs the question of what is the future of Ethereum?
Ethereum Is A Goldmine Of Opportunity
The number of active addresses for Ethereum has risen by 118% from January 1st until now, when compared with the growth of active addresses for Bitcoin’s 49%, Ethereum is on a high all on its own. The data published by a specialist analytical firm, Messari, caused a major stir.
Ryan Selkis, the chief executive officer of Messari stated that the vast diversity of initial coin offerings, applications, tokens, and other creations occurring on the Ethereum network was staggering. He did make the point that Bitcoin still had its spot as arguably the most critical piece of the cryptocurrency movement.
A Comparison Of Price Levels
The current price of Ethereum is hovering somewhere around $240, which is a leap of 84.62% since the beginning of the year. This is truly exceptional considering the effect the pandemic has had on economies around the world, not even cryptocurrencies have been exempt from its effect. For example, Bitcoin has been struggling to get out from under the $10 000.00 resistance level since the beginning of lockdown.
However, all is not a pile of roses over in the Ethereum camp, especially as recent reports suggest that the greatly anticipated Ethereum 2.0 update will be pushed back once again. This has caused many to start to look towards alternatives within the wide world of blockchain. Selkis pointed out that there is a growing demand for smart contract platforms that have the ability to operate at scale, and the competition is growing stronger and looking far more lucrative with each passing day.
A Review Of A Potential Competitor To Ethereum
One example of a smart contract platform that could potentially carve a bigger chunk of the market for itself, is Chainlink (with the alternative name of DeFi). Chainlink has garnered a lot of attention through its proposition of the ability to generate conventional financial offerings, like loans or insurance, with the use of cryptocurrency and blockchain. The price of Chainlink has been soaring consistently and reached an all-time high of $8.40 over the past few days.
Yet, many experts within the industry have warned that viewing blockchain proprietors and cryptocurrency outlets as direct competitors are inaccurate and does not take into account the massive opportunity for growth within the crypto space. As people continue to demand alternative forms of finance and general interest in cryptocurrency or blockchain rises within the general populace, it can be expected that both Bitcoin and other components of the crypto industry will continue to grow as well.