ETHEREUM price has soared in value in recent months as it's become the main rival to original crypto-coin Bitcoin. And according to one expert, Ethereum "will keep rising" as an all-time high is expected to come at the end of the year.
Ethereum and Bitcoin have many similarities; each is a digital currency traded via online exchanges and stored in various kinds of crypto wallets. Both Bitcoin and Ethereum are decentralised, meaning they’re not issued or regulated by a central bank or other authority, and both make use of the distributed ledger technology known as blockchain. While it began as an alien concept, over the years the concept of a virtual and decentralised cryptocurrency has gained acceptance and traction among regulators and government bodies.
Launched in July 2015, Ethereum is the largest and most well-established open ended decentralised software platform.
Ethereum comes complete with its own programming language which also runs on blockchain.
This enables developers to build and run distributed applications, essentially improving the currency any time.
According to eToro, Ethereum is of great value to investors as it can easily be traded or exchanged for other cryptocurrencies.
In addition, the broker writes that the crypto coin can be used at a growing number of online and ‘bricks and mortar’ retailers.
Transaction times are much faster when compared to Bitcoin, and Ethereum provides access to a number of decentralised apps (dApps), enabling developers to create new online tools.
Progress within the retail sector for Ethereum was shown in March 2021 when Christie’s became the first ever auction house to accept Ethereum as payment for a work of art.
The piece called ‘Everydays: The First 5000 Days’ was sold for a purchase price equivalent to $69.3million (£49.5million).
According to one expert, all of Ethereum’s advantages will likely put it ahead of Bitcoin, dubbing the new alt coin as a “powerhouse”.
Crypto expert Adam Morris, co-founder of Crypto Head, told Express.co.uk: “It’s likely that Ethereum will keep rising and if history repeats itself, we’ll probably see it at an all-time high towards the end of the year.
“But it’s important to realise that we are in a market cycle and it will have major corrections.
“Long term, Ethereum is set to be a powerhouse in the crypto industry.”
When asked about Bitcoin and its future, especially taking into consideration how much the crypto market has exploded in recent years, Mr Morris doesn’t think anything will rival the original.
He said: “While it’s possible that other coins could overtake Bitcoin, it is unlikely.
