Sentiments in the cryptocurrency market has been more optimistic recently than it had been the weeks prior. Bitcoin is seeing better numbers now than it did six weeks ago, and Ethereum is following along.
in fact, experts are suggesting that a massive growth in price for ETH by the end of the year isn't far off.
Ethereum Price Growth
Since July, Ethereum has overtaken Bitcoin to become the largest network for trustless money settlements, according to Yahoo! News. Transactions for Ethereum have grown by 53 percent from the first quarter to the second quarter, while Bitcoin saw a 14 percent decline. This is just one of the many signals that have led to experts speculating that Etherum might just overtake Bitcoin before the year ends.
As Daniel Polotsky, the founder of CoinFlip the crypto ATM operator, said, "Thereum continues to develop use cases that Bitcoin cannot achieve," Forbes reported. As time goes on, Ethereum is slowly shaking away from the predictable pattern of following Bitcoin's halving cycles. And it is quite possible that ETH's price may grow at a faster rate than BTC's.
Ethereum is best known for its use and versatility in more everyday applications. According to Godman Sachs, in the cryptocurrency world, Ethereum has the highest real use potential. The platform Ethereum itself is the most popular development platform for smart contract applications.
The Ethereum platform is also the most common platform to support Non-fungible Tokens or NFTs, and quite a few alt-tokens as well.
What is ETH TLDR:— Austin Marchese (@MacNCheeasy) July 9, 2021
-Eth creates a decentralized supercomputer
-Daaps create an opportunity similar to the internet/smart phone movement
-To draw a comparison iPhone + App Store = Ethereum Network + Daaps
-Eth, the currency, acts as the oil or gas that lets the whole ecosystem run
Ethereum Price Prediction: Overtaking Bitcoin Price
Many experts also laud Ethereum for the platform's long-awaited upgrades designed to improve its scalability and efficiency. The upgrades have begun rolling out at the end of 2020 and are the reasons for the experts' bullish predictions. Earlier this year, Ethereum co-founder Vitalik Buterin said that the upgrades focused on burning Ether tokens could mean that ETH becomes more "sound" than BTC, Forbes said.
Ethereum is also moving toward a "proof-of-stake" model by the end of this year or early next year. What this means for investors is Ethereum's supply will become deflationary and will be equivalent to multiple BTC halvings or cutting of Bitcoin's supply of new tokens in terms of supply restriction.
Ethereum has always positioned itself as the gas of the digital economy. And compared to Bitcoin, Ethereum's value is as a commodity with its applications in everyday life incredibly diverse. Bitcoin,on the other hand, is similar to gold in that it is a more viable store of value for investments and doesn't need to do much but guarantee security to become a notable investment.
However, experts now think that ETH will become a better store of value than BTC in addition to all the utility it provides that Bitcoin does not offer to the market.
They predict that Ethereum could be worth $4,596 by the end of 2021, Forbes said. By the end of 2025, it could hit $17,810 and by 2030, ETH can see its price hit $71,763. A lot of the experts also believe that Ethereum will surpass Bitcoin eventually, taking over as the largest cryptocurrency in the market.