Ethereum could Outshine Bitcoin in the Nearest Future
Ethereum is no new crypto, as it has been around for almost a decade now. What makes Ethereum unique is that it is an open-source platform, which means that newly created decentralized apps can be deployed on it. It also makes use of blockchain as a fundamental concept. This value is one of the reasons for the high Ethereum price. Not that in the crypto world, Ethereum price is second highest. With the volatility of cryptocurrency, many investors and crypto enthusiasts regard Ethereum as a goldmine to profit from. With that being said, in this article, we’d enlighten you on why we believe Ethereum could outshine Bitcoin in the nearest future.
Ethereum makes international payments simple
What makes Ethereum such a valuable token is that its network allows new applications to run on its platform, it is an important payment tool that may be beneficial for a long time, ensuring that payments can be made quickly and easily wherever on the planet.
Ether is the token used as payment for transactions made on the Ethereum network. It is quite similar to what is being done with NFTs, which have recently gained popularity. As a result of its simple payment method, it has a greater use rate than Bitcoin in the last year, with more transactions completed.
Despite the current drop in cryptocurrency prices, Ethereum’s price has roughly doubled when compared to Bitcoin (which only reached 300 percent increase). Typically, Bitcoin is a digital currency and a token of value that is supported by individuals who own it based on their assessment of its value.
Recent updates, as well as innovations, have improved the performance of the network while also lowering network transaction fees and ensuring that the price rises. And with the lack of a central mechanism to oversee how the network runs. As such, when you think of it, and with DeFi apps available on the Ethereum network, you’d understand why Ethereum price is on the rise and what makes the Ethereum network unique and so valuable.
The price of Ether started at $125.63 in 2020, and by the end of the year, it had risen by 500 percent to $729.65. It peaked at $4,380 at the start of 2021 and stayed there for a time, but today it fluctuates between $1,700 and $2,500. It might potentially fluctuate by as much as $1,000 every week.
However, the fundamental question is: what will the price of ETH be by the end of 2021? Many crypto analyst estimates are bullish, with the average and goal price ranging from $3,500 to $4,500 by the end of the year. Long-term, the average prediction is as high as $11,170 by 2025.
Surprisingly, many other people report a higher rise. Sagi Bakshi and Lex Sokolin were among a group of crypto experts featured in a recent Forbes piece. They anticipated that Ethereum’s price would soar to $19,842 by 2025, and that by the end of 2022, it would be the most extensively traded digital currency due to its notoriety, ease of usage, and rising market utility.
The experts recognized a slew of new innovations and updates to the Ethereum network in 2021, all of which are very useful in lowering transaction costs and increasing utility. Sarah Bergstrand, one of the crypto specialists, believes that the price of Ethereum might reach $100,000 by 2025.
The future of cryptocurrency regulation
Ethereum, as a network and a digital currency, exemplifies a long-term and highly functional approach to cryptocurrencies that is extremely beneficial to DeFi’s future.
Many people, on the other hand, are still waiting for the government’s regulations to be implemented. Many long-term crypto investors despise the thought of regulating and restricting the market’s available freedom, but firms and large investors see such unavoidable regulation as a way to obtain stability and, eventually, mass adoption.
After a few trying months, the Biden administration is looking for the best strategies to deal with the markets. A congressional hearing on digital currencies has been scheduled, and the FDIC has requested paperwork on how banks and other financial institutions utilize and interact with digital currencies.
To sum things up, with Ethereum prices on the rise, investing in Ethereum is a great investment. And when it comes to purchasing crypto, you can always trust Bitvavo. Not only that, at Bitvavo, you get the lowest rate on Ethereum price. They also accept up to eight different payment methods and provide an automated Ethereum wallet after purchase. There are also cheap trading fees if you want to trade the token. However, because of their volatility, it’s critical that you do your homework before investing in digital assets.