The crypto market is yet to start the much expected bull run. All the digital currencies in the market are still deep in the red. Bitcoin (BTC) is yet to recover, and it’s still struggling to break over the $4,000 level. The digital currency recently broke below the key psychological levels of $6,000 and $5,000.
The value of Ethereum (ETH) is one of the most discouraging in the market. Looking at the value of the coin alone, one would think the glory days are long gone. Ethereum (ETH) traded close to the $1,500 in 2017. Nevertheless, the digital currency is now down by more than 90 percent from its all-time high. Ethereum is now trading below the $110 mark at the press time.
This is one of the reasons why investors are actually looking to invest in Ethereum as well. Many investors are trying to find out whether Ethereum can actually overtake Bitcoin.
Davos conference was one of the prime venues where the cryptocurrency discussion actually took place. Most of the larger company heads are intrigued about the sudden rise of cryptocurrencies. This is one of the main reasons why it was the topic of discussion there.
Many opposing voices:
It is not like people are already considering Ethereum to be a worthy successor of Bitcoin. There are many opposing voices as well. The problem is that Bitcoin is the pioneer in the cryptocurrency market. On the other hand, when you’re comparing the cryptocurrencies on the basis of application, you would realize that Ethereum has a much stronger application. This is one of the main reasons why investors are thinking that Ethereum would be able to increase in value.
The truth is that Ethereum provides a decentralized processing platform. This ensures that more and more people are able to earn Ethereum just by lending the processing power. Also, Ethereum mining is currently profitable as well. This is actually increasing the attention to Ethereum.
Ethereum has in the last few months also received a lot of media hype as well. This has brought the attention of mainstream investors towards Ethereum. This is one of the main reasons why it has lost little as compared to some of the other cryptocurrencies like Bitcoin which has lost approximately 40% from the peak.
The truth about the relationship between Ethereum as well as Bitcoin is complicated to say the least. The reason for that is Ethereum is often considered as a 2nd cryptocurrency. If indeed, the Bitcoin adoption does not increase in the off-line world, there is definitely an opportunity for Ethereum to become the most valued cryptocurrency. For now, however, the trend in the cryptocurrency market is not that strong and that is why most of the cryptocurrencies are actually down by more than 20% from their peak. In the future, Ethereum does hold a lot of potential.
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