According to analysts, Bitcoin is leading at the top in the crypto industry. Looking at the current rising scenario of digital assets, it may have to bow down with the rise of another asset.
Nigel Green, the Founder of deVere Group, believes that Ethereum is a step ahead of Bitcoin in 2021 and exceeds its current value. Green argues that Bitcoin BTCUSD, -0.44 percent, introduced in a 2008 white paper, may lose ground to Ethereum Ether ETHUSD, -0.31 percent, which has a clear use case than Bitcoin, which is regarded as digital gold by some.
Traditional investments have had considerably more humdrum returns. According to FactSet statistics, P 500 index SPX has gained more than 18% this year, the Dow Jones Industrial Average DJIA has gained 15% this year. Similarly, the Nasdaq Composite Index COMP has gained over 14%, while gold futuresGC00 have lost almost 6%.
Bitcoin’s primary marketing strategy is its claim by supporters to be value in the store and, to a lesser extent, a currency. Still, many people see the Ethereum network as a strong, open-source, decentralized backbone on which various applications may be built.
The Rise of Ethereum
Ether, founded in 2015 by Vitarik Buterin, Charles Hoskinson, and Gavin Wood, is designed to allow software developers to build custom applications on top of their network. Smart contracts are a term used for describing applications.
Ether bulls argue that the world’s second-largest Cryptocurrency is the most popular development platform and presents the Ethereum networks “worth, not limited for developers, but worldwide financial utility.”
Ethereum is also the foundation for a variety of platforms, such as Decentralized Finance Networks (DeFi), Decentralized Autonomous Organizations (DAOs), and Nonfungible Tokens (NFTs).
The Ether network is undergoing a significant upgrade that involves a progressive transition from proof-of-work to proof-of-stake protocol, improved storage space, and increased smart contract processing power.
A Proof-of-work network needs heavy computing power to verify the distributed-ledger network. A proof-of-stake network, on the other hand, needs proof of ownership. It is comparatively environmental and user-friendly due to its ability to reduce carbon footprint and rewarding “miners” who underpin the network.
One of the reasons for the speculating increase in the ETC stake is its upgrade and buying price for the asset.
But CoinMarketCap.com claims that Bitcoin is currently the leading player, accounting for 44 percent of the almost $1.96 trillion in the crypto market, compared to 19 percent for Ether.