As bitcoin prices continue to fall and its future remains uncertain, another cryptocurrency is gaining steam. Profit builder platform has been on a wild ride over the past year. At one point in January 2018, it was valued at $1300 per unit. Now It’s down to less than $120. Here we will look at the top cryptocurrency ETH.
Ethereum (ETH) Will Be the Cryptocurrency of the Future, this CEO Says
The cryptocurrency has a market cap of $45 billion, making it the second-largest cryptocurrency by market cap behind bitcoin. If you want to trade in cryptocurrencies for a bright future, then use bitcoin trading software. Many investors gain high profits while trading through this software.
“Ethereum is one of the most popular cryptocurrencies in the world,” says Ethereum CEO Joseph Lubin. “It has hundreds of use cases and applications.”
Lubin predicts that Ethereum will become a foundational technology for businesses in much the same way as TCP/IP and HTTP were to the internet.
Bitcoin (BTC) has dramatically fallen from grace since its all-time highs in December.
But as the price of bitcoin has fallen, it’s become increasingly clear that other cryptocurrencies have the potential to succeed where bitcoin has failed. One of those coins is Ethereum.
Vitalik Buterin created Ethereum in 2014. Unlike bitcoin, which uses blockchain technology to confirm and record transactions on its network, Ethereum uses smart contracts on its platform called Ethereum Virtual Machine (EVM). This allows users to create their decentralized applications using the EVM on top of Ethereum’s blockchain framework.
Many developers have begun building dapps on top of Ethereum since its launch in 2015. And some even argue it has more potential than bitcoin itself.
The cryptocurrency that’s been on an even wilder ride is Ethereum (ETH).
The volatility of cryptocurrencies can be extreme. The one-time second-largest cryptocurrency has had a roller coaster of a year, rising more than 1,700% in 2017 before falling 70% from its peak this year.
On Tuesday morning, the value of $ETH was up 0.75%. But by 5 p.m. And it had plunged by 8%, according to CoinMarketCap data just two hours later. In just two hours, the price of ether dropped nearly 9%.
In a tweet, Zhao said: that Ethereum will be the future cryptocurrency. And Binance is here to support it.
Zhao added that he wants Ethereum to be a “world-class” cryptocurrency with its blockchain, which he calls an “Ethereum 2.0.” He also says there are currently no plans for Binance’s token or coin.
Traders bought Ethereum when they saw it as a cheaper alternative to Bitcoin. The easiest way to think about Ethereum is that it’s a cryptocurrency, like Bitcoin, but with some added benefits.
It’s an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract functionality. The native token of the Ethereum blockchain is called ether.
Coinbase CEO Brian Armstrong hasn’t been as bullish on Ethereum in recent months.
Brian Armstrong is the CEO of Coinbase, one of the largest cryptocurrency exchanges with a valuation of over $1.6 billion. The price of ether, which trades on Coinbase under the ticker ETH, has fallen dramatically this year, following a meteoric rise in 2017. But it’s still far and away Ethereum’s most valuable cryptocurrency by market cap though that number fell below $1 billion earlier this month for the first time since January 2018.
Ethereum was once known as a platform for initial coin offerings (ICOs), but fewer projects are launching on Ethereum today than two years ago. ICOs raised more than $3 billion through token sales from 2017 to 2019; through Q2 2020. They’ve raised less than $60 million. A dropoff has been blamed on regulatory crackdowns around these fundraising mechanisms and broader market conditions.
Final Words
The CEO and founder of Binance, Changpeng Zhao, recently told CNBC that Ethereum is the future cryptocurrency. He noted that the network has many positive uses for smart contracts, an area that’s been looking more and more promising in recent months as well.