In the last year, the highest price of Bitcoin created headlines in the cryptocurrency market that gone more than the expectation of crypto enthusiasts and market libertarians.
This has drawn attention to other digital currencies forthcoming in the shadow, especially Ethereum. Established in the year 2013 by a Russian programmer, Vitalik Buterin, the cryptocurrency was released in 2015. In the initial two years, the price of Ethereum was less than $10. Thereafter, in the year 2017, the same exploded. Just in a year, the price of Ether was around $1,400 and the same further increased in the month of January this year.
While the price of Ethereum has now decreased to about $700, most of us are still considering it as one of the most promising crypto platforms; hence, Ethereum is a cryptocurrency that captures the potential of price gains in the near future. Even some of the people believe that it might surpass Bitcoin one day.
Hubert Olszewski, DOBD, Blockchain Board of Derivatives explained The Independent, “Ethereum has the capability to overtake market capitalization and hence Bitcoin’s value. It is due to the get-go nature as Ethereum is a versatile tool.”
The moment Bitcoin became the first decentralized cryptocurrency of the world after its release in the year 2009, people across the globe was whirling from worst ever financial crisis. The crypto-anarchists who were disappointed of recession welcomed Bitcoin owing to its ability to facilitate payments without any intervention of the third party, be it a bank or government. Fundamentally, they thought, Bitcoin has the potential of revolutionizing the financial system globally.
Since the inception of Bitcoin, over 1500 cryptocurrencies have emerged in the crypto space. Every crypto coin has tried to provide somewhat that bitcoin is not able to offer. The core technology of Bitcoin consists numerous fundamental flaws which are exposed to the growth of the network.
Therefore, Ethereum is designed in order to not only decentralize the traditional banks that Bitcoin is not capable of doing; however, also decentralize the internet. It is done via expanding the core technology of Bitcoin that is an online public distributed ledger, records every transaction that is made on the network. The Ethereum platform is much versatile and it follows the advanced blockchain technology, due to which anybody can create their decentralized applications.