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Crypto Explained: Ethereum

Updated: May 30, 2022

Ethereum (ETH) is the second-largest cryptocurrency in the world. Sitting on almost $500 billion at its peak, it has grown nearly 785% in 2021 and is identified as the most trusted cryptocurrency in the world, other than Bitcoin. Even though Ethereum’s main purpose is to replace Bitcoin, Ethereum has established itself in the market by supporting smaller cryptocurrencies that they are growing.

Recently, Ethereum broke its all-time record and peaked at $4891 on November 10th, 2021. This crypto is already one of the best performing cryptos this year and one of the largest in valuation. Ethereum is outperforming competitors in its high ranking in comparison to Bitcoin, indicating that Ethereum is strong even despite not being as well known as Bitcoin.

One major advantage to Ethereum is its usability, proving to be a serious benefit for investors, compared to Bitcoin. According to Nasdaq, “Ethereum is more versatile than Bitcoin… Not only does it have a native token, Ether, but the Ethereum blockchain also serves as a platform for smart contracts (intended to automatically execute, control or document legally relevant events and actions) and decentralized applications (works on more than one server).” Ethereum is a better investment than Bitcoin because it is more beneficial and supports smaller cryptocurrencies on its network like Bancor (BNT), TenX (PAY), and Civic (CVC).

While other smaller and newer coins are growing exceptionally fast, they are incredibly volatile in comparison to larger cryptos like Bitcoin and Ethereum. However, it would be logical to invest in Ethereum as it has more uses and room to grow, compared to Bitcoin. Ultimately, investing in Ethereum at the next big dip would be a remarkable strategy given the dominance and control that it has already exhibited in the market.

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