Even though future returns are not likely to be like the past, this well-known cryptocurrency still has better days ahead of it. Bitcoin (CRYPTO: BTC), the most popular cryptocurrency, gets a lot of attention from Wall Street and the media, which doesn’t come as a surprise. In recent years, however, the global peer-to-peer internet currency has lost ground to its more modest rival in terms of financial gains.
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How much will your Ethereum be worth in 5 years?
Even though the price of Ethereum is down 22% this year, if you put $100 into it on January 10, 2017, it would be worth a staggering $11.810 today (as of November 24). As of this writing, the market cap of the second most valuable cryptocurrency in the world is $147.2 billion.
Ethereum a global platform for computing
Ethereum can be thought of as a global platform for computing, while Bitcoin is just a decentralised network for making payments. This means that two unrelated parties can do a deal that involves a lot of different tasks without having to pay expensive middlemen. Ethereum is different from other cryptocurrencies because it can make smart contracts with a blockchain that can be programmed.
The PoW consensus algorithm is used to run Ethereum.
At the moment, Ethereum uses a consensus algorithm called proof-of-work (PoW). For miners to be able to validate new transactions on the blockchain, they have to spend a lot of time and computer power solving hard math puzzles. But Ethereum has had the same problems as Bitcoin, especially when it comes to speed and being able to grow.
Ethereum has smart contracts
Because Ethereum has smart contracts, decentralised applications (dApps) like decentralised finance (DeFi) protocols and non-fungible tokens have become possible (NFTs). As of right now, Ethereum has 2,960 different decentralised applications (dApps) on its platform. These dApps cover a wide range of topics, including games, social media, identity, and insurance.
Surprising that top altcoin
It’s not surprising that top altcoin has become the most popular way to spend crypto. This is because it has a large network of developers, which is important for any blockchain project to move forward. In December 2021, more than 4,000 developers were actively working on Ethereum, which was a lot more than any other cryptocurrency. This was a good sign for Ethereum’s future.
As of the coinmarketcap today’s Ethereum price chart:
Source: Google Trend