For only 2 years now since July, 2015, Ethereum (ETH) has manoeuvred its way up the ladder of the cryptocurrency market to be named the second best in terms of the number of transactions and value. As of 15th January, 2018, the value of one Ethereum token was $1,326.92 USD which is second to that of Bitcoin at $14,210.10 USD. In terms of the number of transactions done in a 24 hour period, Ethereum still comes second to Bitcoin; Ethereum has a volume of $4,977,040,000 USD compared to that of Bitcoin of $12,923,600,000 USD.
However, when it comes to the amount of coins in circulation, Ethereum leads with a total of 96,998,753 ETH in circulation compared to those of Bitcoin, which at maximum can only get to 21,000,000 BTC.
The rise of Ethereum
It is quite understandable for Ethereum to be ranked second. It has actually done a great job to get to that position, especially considering that it was only released the “other day” in 2015, six years after the release of Bitcoin and two years after it (Bitcoin) was listed in the cryptocurrency markets. 2 years is such a huge gap when it comes to crypto coins. In fact, by the time Ethereum was being released into the market, the value of Bitcoin had already hit $300 and still rising. At the same time Bitcoin had already found itself some users; at least 160,000 users.
Also, considering that there are other numerous crypto coins which were released before Ethereum and they have made as much progress as ETH has made, it shows that Ethereum has worked extra hard. If you look at digital currencies like Verge, Dash, Monero, Litcoin among many more, they were released way before Ethereum and they are still struggling to get their foot into the market; their prices are still low.
It has actually taken Ethereum two years for its value to reach $1,326.92 USD while still attracting lots and lots of investors since it still has a very promising future ahead. Even Bitcoin had not attained that
By the end of its 2nd year in the market, actually when Bitcoin was “2 years old” in the market, its value was only around $450. This leaves Ethereum as the only altcoin which has achieved a value of almost $1,400 USD in only two years. If that has happened in two years, what about when it will be at the current age of Bitcoin? It will have surpassed Bitcoin by far!
Again, most of the crypto currencies which are being developed today are based on the Ethereum blockchain due to some of its special features like smart contracts.
Why Ethereum is the the best of the Cryptos?
Actually, without looking at the value and volume of transactions, Ethereum is actually the best when it comes to the way its network operates. It is actually the one that is setting the pace for most of the other cryptocurrencies with most of the technologies.
Some of the outstanding features of the Ethereum include:
- Apart from being used as a cryptocurrency, the Ethereum platform can be used to append digital signatures, management of the charging systems of the upcoming electric cars, video games, online gambling, crowdfunding and remittance among many more.
- Contrary to most crypto currency platforms, Ethereum platform comes with smart contracts and the Ethereum Virtual Machine (EVM). The smart contract allows users to automate transactions without the need to be sited in front of the computer all day long.
- Ehtherum also has relatively fast transaction rates of 12 seconds.
- Also, since Ethereum (ETH) allows the use of its coin the Ether in peer-to-peer contracts, its users can create contracts and look for money without involving middlemen like Banks.