Ethereum is dominating the market as its bull run continues for over a week now. At press time, ETH tokens were exchanging ownership at over $3,500. Predictions about Ethereum getting past $5,000 in 2021 is already gaining support and some have predicted it to become a reality as early as May 2021.
This year alone Ethereum has gained over 300%. An investment of about $1,000 in Ethereum in 2015 would have been $4.7 million as of today. Vitalik Buterin is now the youngest crypto billionaire at just 27 years. All this prompts us to explore and understand what’s the underlying “secret” that has led to Ethereum’s success over the years.
Why Ethereum Stands Out
Ethereum is unique and has all the potentials to outrun Bitcoins in the long run. It is because of Ethereum’s practical utility. While Bitcoins serves as a medium of value storage and transfer, it doesn’t have actual sustainable usability leaving space for experts to cast doubts upon the long-term sustenance of Bitcoins.
Ethereum on the other hand is different. Unlike Bitcoins, Ethereum is much more than just “digital money.” It has already proven its potential by changing the dynamics of the blockchain industry allowing the deployment of smart contracts and the creation of new cryptocurrencies. Though it is currently battling network congestion issues that make it expensive, the successful shift from a PoW protocol to a PoS consensus mechanism will make Ethereum invincible.