Ethereum has been the second most valuable cryptocurrency in the world since July 2017. In recent weeks, it has surpassed Bitcoin as the most valuable blockchain-based currency. Many analysts have attributed this growth to many factors, including NFT mania and increased interest from institutional investors. As Ethereum continues its ascent, we explore what this means for blockchain technology and cryptocurrencies going forward.
The recent craze surrounding cryptocurrency has been nothing short of meteoric. One of the most popular and promising projects being built on this innovative new platform is Ethereum. In just a few short months, the project’s market cap has reached over $2 billion, making it one of the highest-valued cryptocurrencies in existence.
With hundreds of new coins popping up every day, investors are looking for advice on where best to put their money. While many of these new cryptocurrencies are high-risk/high-reward ventures that may or may not see any return whatsoever, one way to play it safe is with Ethereum—which is more than 6x more valuable than Bitcoin and has seen its blockchain technology implemented by the world’s largest companies.
Many in the blockchain community have attributed Ethereum’s rise to several factors, including its growing adoption among institutions and NFT mania. With an ever-increasing user base, it appears that blockchain is here to stay—and there are few projects better positioned for success than Ethereum.
Ethereum has been the second most valuable cryptocurrency globally since July 2017. It surpassed Bitcoin as the go-to digital currency for investors looking to capitalize on this emerging market trend. Many analysts attribute this growth to several factors but increased interest from institutional investors who are getting into crypto or increasing their portfolios with Ether tokens. The increasing valuation of ETH coins also comes at a time when many blockchain-based games and collectibles have been built on the platform. In 2017, CryptoKitties took Ethereum by storm as it became one of blockchain’s most prominent use cases, with thousands of people spending Ether tokens to purchase different types of virtual cats.
With over $28 billion in circulation today, ETH coins are now more valuable than BTC coins for the first time. Many investors may be wondering what this means going forward for blockchain technology and cryptocurrencies in general. Some analysts say that price charts indicate that we have not seen the last rally from cryptocurrency markets—and many believe it’s only a matter of time until another bull market arises.