Quick Summary
- In the last few months, there are debates whether Ethereum will beat Bitcoin and because of its high utilization, higher returns and more, it may happen.
Ten years ago, only a few cryptocurrencies existed and all of them were worth literally nothing. Now, there is an endless number of cryptos created and they’re worth billions, but only a few of them make it. Ethereum is one of the earlier ones (established in 2013), but it is the second biggest cryptocurrency according to market capitalization. Does it have a chance to be a #1 and beat Bitcoin?
Will Ethereum Beat Bitcoin?
“Ethereum is outperforming Bitcoin and it can be expected to continue this trend for the rest of 2021,” said deVere CEO Nigel Green.
“Ethereum has a higher level of real-use potential as Ethereum – the platform on which it is the native cryptocurrency is the most in-demand development platform for smart contracts, thereby highlighting that network’s value not only as a platform for developers but as a worldwide financial utility,” he also said.
Furthermore, Ethereum has real usefulness in NFT trading. Most NFTs are created and minted on the Ethereum blockchain, and gas fees are paid in the ETH. That shows big utilization for ETH and is one of the drivers of the Ethereum price and how it managed to stay as the second-biggest cryptocurrency.
There are far more transactions made with ETH than BTC because of the NFT boom. However, ETH experiences problems with high gas fees, and that really bothers people.
Instead of having a central authority that oversees how the applications on the Ethereum network run and what transactions are processed, apps created on Ethereum are booming. The most common ones are DeFi apps. These apps saw 2,000 percent growth in 2020 and 2021 is also that strong.
The Ethereum network is more promising due to its real-world applications and the ability to store value. Ethereum represents the future of programmable money and smart contracts in a way some cryptocurrencies like Bitcoin can’t.
Conclusion
Ethereum provides many more benefits than Bitcoin does, and this could lead to people preferring ETH instead of BTC. Will thus Ethereum beat Bitcoin? Each one of these cryptocurrencies has its preferences and different features, so it will probably stay the way it is. ETH would have to rise more than 130% in order to become a number one cryptocurrency.
sentiment: neutral
Read more from NWN
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sources: finance.yahoo, news.crunchbase
Rene Remsik
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
