During the first decade of the concept of cryptocurrencies, we can see that Bitcoin was the one that leads it forward. Because of its status, it is the crypto with the highest value of all of them. At the same time, many experts from this industry compare it to the status the dollar has with the fiat currencies. Just think about it, a majority of exchanges who offer their visitors a chance to invest in other cryptos, convert these into BTC immediately.
Surely, it is the most popular one among traders. If you become a member of thebitcincode.io, you will have a better insight into this market. However, we can see that this status can change in the future. The reason is quite obvious, Ethereum has managed to emerge as the new strength on the market. 2023 is the year when Ethereum, alongside some other cryptos, has managed to reach the record value in its history.
Nowadays, we can see that it is around $3,000. Just a couple of weeks ago, it danced around $2,000. Certainly, we are talking about a pretty big step for this digital currency. So, many people are saying that ETH could be a crucial part of the future of the cryptocurrency concept. Let’s take a look at the most important facts we know about it and its future.
The Recent Rise
If you take a look at 2023, you will see that the market has suffered some massive changes. The market capitalization of the two biggest players experienced massive growth, especially from the drop they both suffered back at the beginning of 2023. For example, in the last week, Ethereum’s price has increased by more than half of its value.
When you compare the value to the one at the beginning of 2023, you will see that this rise was around 360%. Impressive, right? The previous large jump was back in 2017 when the price has risen to $1,400. Remember, this was the year when pretty much all the most important digital currencies have experienced a massive jump. There was no reason why Ethereum wouldn’t experience the same.
Can it Become More Important Than BTC?
As we’ve mentioned, many experts are saying that the role of Ethereum can be much more important in the future. While there’s no way we can make these ambitious predictions and consider them legit, it needs to be said that this is a possibility. However, we don’t believe that it will completely overtake BTC’s prime position among cryptos. Sure, it’s worth will continue to grow in the future. Some experts say that it will quadruple in 2023, which is not impossible.
Naturally, two key factors enhance the rise of every crypto. These two are adoption rate and investments. When you read articles where the author mentions that the BTC’s adoption rate has skyrocketed, it needs to be said that these authors are not mentioning ETH in this story. But we can see that a vast majority of companies who decide to adopt BTC are also adopting other ones, and pretty much all the most important cryptos.
Plus, we can see that the main strength of ETH comes from its adoption at online casinos. Sure, all of these have also accepted BTC as a method of payment. However, for some reason, ETH has taken a prime spot among these cryptos in the online gambling industry. Since the global pandemic of COVID-19 closed down all the brick-and-mortar casinos, and that a majority of the players started playing on gambling sites, we can see that its recent rise is not something that should surprise us.
What’s the Key for Its Success?
People who don’t have proper information about the market might seem this information strange, but ETH has a much wider ecosystem than BTC. One of the reasons why is this possible is that ETH is younger crypto than BTC, which means that its developers had more experience and they have used the blockchain system much more efficiently. Of course, a large chunk of its potential needs to be credited to Bitcoin and the interest it created for all other cryptocurrencies.
At the same time, many experts believe that this is the exact reason why ETH will eventually overtake the position BTC has. One more indicator that shows us the true potential is that when Bitcoin was six years old, which is how old Ethereum is now, it had a market cap of $5 billion. Today, Ethereum’s market cap is around $300 billion. Sure, this is nothing short of exceptional. Who knows where it can lead in the future? We will just have to wait and see.
What’s Its Role in the World?
We can see that there are experts, like Sergey Nazarov, who are saying that the role of cryptos is to make a strong case again local governments who are printing massive amounts of money every year. Even if you know the most basic things about the economy, you know that this can cause many problems down the road. Certainly, we can see that this is one of the biggest reasons people have taken so much interest in this concept.
Where is Ethereum in all of this? Well, it is the next big crypto that will redefine the market. As was the case with Bitcoin, it will reap benefits from a wide adoption and all the investments made in the previous period. Along with the king of all cryptos, ETH will play a major role in the future of the financial world, you can be sure of that.
From all of these facts we’ve placed in front of you, you can understand the reasons behind the rise of this popular digital currency. Plus, we can see that it has the potential to grow even more. If the experts are right, the value at the end of 2023 will be massive, and people can expect some healthy profits. So, be ready to make the proper decisions and reap all the benefits it can provide you with down the road. We hope you’ll find this article of ours interesting and helpful.