Ethereum could overtake Bitcoin in the next few years: soon to lead the crypto world

Many talk about BTC as if it were the only cryptocurrency capable of incredible performance, but Ethereum could do even better.

June 19, 2023

Elizabeth Smith

Bitcoin and Ethereum are two of the most popular cryptocurrencies in the world. Both have unique features and advantages and both have the potential to revolutionise the way we interact with money.

In this article, however, we will find out why Ethereum might be a better investment than Bitcoin.

I know, maybe some are not too convinced, but the data and characteristics of the 2 blockchains speak for themselves.

Table of Contents

What exactly is Ethereum?

It is a decentralised open source blockchain system with its own cryptocurrency, Ether.

ETH functions as a platform for numerous other cryptos, as well as for the execution of decentralised smart contracts.

This blockchain was created in 2015 by Vitalik Buterin and has a market capitalisation of over $300 billion.

Ethereum is more than just a crypto. It is also a platform for decentralised applications (dApps), i.e. applications that run on the blockchain and are not subject to government or financial institution control.

Differences between Bitcoin and Ethereum?

There are a number of key differences between the 2 networks.

Purpose: BTC was designed to be a digital currency. While Ethereum was designed to be a platform for decentralised applications;

Technology: BTC uses a Proof-of-Work consensus mechanism, while ETH uses a Proof-of-Stake consensus mechanism;

Scalability: The ETH network is designed to be more scalable than BTC. Which means it can handle more transactions per second. This makes it more suitable for use by companies and governments, but in reality also by private individuals;

Security and community: BTC is very secure, but Ethereum is even more so, with the former having a very active following and the latter having an increasingly large and active community;

Growing ETH potential

If you are looking for a cryptocurrency that has the potential to change the world, then this cryptocurrency is the best choice.

Cryptocurrencies such as BTC were in fact born to revolutionise the way we pay for goods and services, while Ethereum has the potential to revolutionise the way we interact with the internet in general.

Think of NFTs, dApps and all those new Defi technologies that have sprung up in the wake of Ether. We cannot deny the network this success.

We also have more and more cryptos built as ERC-20 tokens (and not only these), according to the standard created by Buterin’s group, and this shows how the potential of the network is increasingly taken into account by developers.

Is Ethereum a better investment

The main hope for ETH is to surpass Bitcoin in its functionality.

There were many who thought that the highly publicised Merge event, or the more recent Shanghai, could make a difference, but this moment does not seem to have arrived yet.

Bitcoin is mainly used as a wealth asset for investors. But Ethereum is a programmable blockchain, which has become an undeniable haven for cryptocurrency developers.

Therefore, as the industry continues to move forward and evolve, ETH has positioned itself at the forefront. The blockchain in question has already been the network of choice for thousands of projects and its pool of developers continues to grow.

Data suggests that this network is better than BTC’s. 3,000 dApps have been built on Ether, with a strong upward trend. The entire Web3 ecosystem continues to develop and grow, with much of this progression on Ether. The smart contracts on this network are then the core of Web3.

More than 3,900 developers joined the ecosystem in 2021, making it perceived as the most active blockchain on the planet. And that growth continues.

ETH price analysis

This is an indecisive crypto, which unfortunately suffers from market uncertainty.

ETH had surpassed $2,000 a few months ago, but seems stuck between $1,917 and $1,740, unable to sustain the bullish rally everyone is expecting.

However, the daily charts show how the bullish cross between the MA 100 and MA 200 is just waiting for price to reach moving average support before a likely breakout.

But where could Ethereum’s rise go?

Well, it is difficult to say in the long run, but many traders say that the price will definitely be above $2,000 by the end of the summer. Even pushing above the most recent high of $2,141.

Therefore, it would be important to consider an investment on the crypto in question, as it will be difficult for most other blockchains to match the utility provided by ETH and its future pricing.