Ethereum is set to take over the Cryptocurrency Market

Admit it, whenever we hear the word “Cryptocurrency”, the very first thing that comes to our mind is Bitcoin (BTC). Well, the reason it happens is because the cryptocurrency industry was launched through Bitcoin (BTC). Ever since the beginning of the cryptocurrency industry in 2009 until now, the most prominent, widely adopted, and the largest cryptocurrency is none other than Bitcoin (BTC).

At present, the market capitalization of the entire cryptocurrency industry is more than “One Trillion Dollars”. While the market capitalization of Bitcoin (BTC) alone is “597.21 Billion Dollars”, which is more than 50% of the cryptocurrency industry’s overall market capitalization.

In the year 2020, majority of the financial institutions were seen investing in Bitcoin (BTC) because at the moment, it is the most prominent and profitable crypto-asset that they see. Looking at the current market capitalization and presence of Bitcoin (BTC), one would not even dare compare any cryptocurrency with Bitcoin (BTC), let alone think that a cryptocurrency will be able to surpass it.

However, there is one particular cryptocurrency that by many crypto-analysts and crypto-enthusiasts is considered to be the next bitcoin, Ethereum (ETH).

Crypto-Industry before Ethereum (ETH)

In today’s time, Ethereum (ETH) is the second largest cryptocurrency in the entire world as per market capitalization. Before Ethereum (ETH), there were not many cryptocurrencies in the crypto-market. With the launch of Ethereum (ETH) in 2015, the entire cryptocurrency industry was revolutionized.

Before Ethereum (ETH) was introduced, the industry was only limited to cryptocurrency mining or cryptocurrency buying/selling. However, the industry did not have enough to offer its users. All the users could do was mine for Bitcoin (BTC) or other cryptocurrencies, or buy them through crypto-trading exchanges, and sell them to make profits.

Crypto-Industry after Ethereum (ETH)

When Ethereum (ETH) came into being, it was launched with a completely different and revolutionizing ideology. The creator of Ethereum (ETH) ‘Vitalik Buterin’ was very fond of Bitcoin (BTC) but he always wanted more from the crypto-asset. As per him, the benefits provided by Ethereum (ETH) are exactly what he had hoped for the Bitcoin (BTC) platform to provide their users.

Ever since its launch, Ethereum has not only allowed people to carry out the basic tasks such as mine, buy, and sell, but it has also provided them the platform for launching their own cryptocurrencies as well as applications. In addition to these, the Ethereum network also allows user the ability to launch non-fungible tokens (NFT) that are not exchangeable with other cryptocurrencies.

At present, there are more than 635 DApps and numerous NFTs currently running on the Ethereum (ETH) blockchain networks.

What is the Future of Ethereum (ETH)?

When it comes to the future of Ethereum (ETH), many analysts and commentators seem to side with Ethereum (ETH) as the future of cryptocurrency industry. There is no doubt that at present, Bitcoin (BTC) is the cryptocurrency that is ruling the crypto-verse but it does not have much to offer to the users. This is the reason that Bitcoin (BTC) does not have longevity when compared to Ethereum (ETH).

Ethereum (ETH) is a cryptocurrency that is the future of crypto-technology. It has the ability to evolve and adapt to the real-time market requirements and trends. It is constantly making improvements to its infrastructure and is making infinite efforts to improve its efficiency.

In the year 2020, when Ethereum (ETH) experienced a surge with respect to its price and demand, there were several concerns expressed against Ethereum (ETH) network. Majority of the concerns revolved around the scalability and operability of the Ethereum (ETH) network. Many raised concerns over transaction delays, connection issues, and high gas charges for Ethereum.

To address this issue and find a permanent solution to the problem, Ethereum (ETH) launched Eth2.0 that was designed and developed to tackle all the problems that were being faced in the previous Ethereum (ETH) network.

With the launch of the Eth2, the network has changed the protocol for Eth2 to Proof-of-Stake (PoS) Consensus, which was previously set to Proof-of-Work (PoW) Consensus for the primary Ethereum (ETH).

With so much to offer and to develop, Ethereum will definitely be the cryptocurrency that will prove to be the next Bitcoin (BTC) one day.

Post Author: Emma Mia