The 2nd largest digital currency by market value after BTC has spiked higher in terms of a price value in the past few days. The price of Ethereum has skyrocketed over the last few days puncturing through the $3,300 mark. The second-ranked digital currency is now aiming at breaking above the mark of $5000. The year-on-year gain has reached 1,500%, which is good on its own but not good enough to run side by side with dogecoin’s impressive run.
Since the latest increase in the price of Ether, investors have cautioned that bitcoin is in danger of lagging. Fahad Jamal of Societe Generale spoke to Business Insider about the similarities between the current digital currency space with the internet space of 1997. The Chief investment officer spoke, how Netscape Navigator was once considered as an untouchable browser with all its complexities, but, as time progressed, the browser no longer holds appeal today.
Fahad continued placing his trust in blockchain technology and how it will be a massive influence in our lives in ten years. However, the chief investment officer was not an avid fan of Bitcoin, stating there are many better options out there with many solid foundations and significantly less conviction like Ethereum.
The digital currency community has repeatedly been in a contest with each other when it came to Ethereum and Bitcoin. Ethereum investors critique Bitcoin for having outdated technology as a foundation and the cryptocurrency for being cumbersome. One notable example is the co-founder of Ripple, who proposed BTC to follow the footsteps of Ethereum and transition to a much environment-friendly model.
Similarly, the Bitcoin maxis present an argument of how Ethereum is not a remarkable way of storing value compare to Bitcoin.
As Ethereum has been exceeding the performance of Bitcoin by 3 to 1 since the previous year, ETH bulls have increased their assumptions for the cryptocurrency and forecasting of a potential decentralized internet built using Ethereum’s blockchain technology.
Nigel Green of deVere Group wrote how Ethereum offers the potential to disrupt the Bitcoin dominance over the upcoming year and ahead. Green believes that Ethereum will achieve a valuation of $5,000 in the upcoming few weeks. He highlighted the increasing interest of significant institutional investors the surprising increase in popularity of Non-Fungible Tokens and DeFi built using ETH’s Blockchain technology.
In comparison with Ethereum, Bitcoin lags in scalability, solution and offering more functionality like smart contracts. On the other hand, Ethereum only lags compare to Bitcoin at fame and price. However, 2021 seems to be the year for Ethereum, and the time for cryptocurrency has come according, to Nigel Green.