With bitcoin reaching an all-time high price of over $40,000, one thing is for sure; cryptocurrencies are the future. Not less than a year ago, the cony was valued at under $5000, and now it looks like it might end up touching $50,000 within a month or two. The demand for digital currencies is increasing rapidly, and it is only a matter of time when people will embrace digital currency as the new normal. However, bitcoin is not the only coin to look out for in 2021. Another coin that is rising in popularity and has become quite valuable in a short time period is Ethereum. The cryptocurrency is currently valued at $1200 and is projected to touch $5000 in the next few years.
People have started to notice Ethereum because it’s only the second cryptocurrency after bitcoin that is showing some promise and is on the rise. However, that doesn’t mean both bitcoin and Ethereum are working the same way. A lot of people still don’t understand Ethereum, and it is crucial for every investor to buy a cryptocurrency for all the right reasons. Below I have mentioned a few main reasons to invest in Ethereum; let’s take a look:
More Applications than Bitcoin
Yes, you read it right! It is possible Ethereum will have more applications than bitcoin. One of the main reasons digital currencies are gaining popularity is blockchain technology. Bitcoin is so successful because it was the first opt for a blockchain network. However, bitcoin’s use of blockchain is very simple despite being at the top of the list. Ethereum, on the other hand, has a better, more advanced blockchain than bitcoin, which is written in a more supportive computer language called Turing-complete and is compatible with groundbreaking applications called dapps. You can also visit Crypto Exchange to learn more about Ethereum and its blockchain technology.
Accepted by Financial Institutions
When we talk about cryptocurrency in general, we think of it as a threat to banks. The whole idea that is going around is that digital currencies will take over, and banks will go out of the business. This is why bitcoin is seen as the bad guy in the financial sector.
Ethereum, on the other hand, doesn’t threaten the financial institutions and asks them to join the digital landscape. Bank of America and Microsoft have already adopted Ethereum, and it is possible in the future more financial institutions will adopt it.
Supported by Fortune 500 Companies
Financial institutions aren’t the only ones supporting Ethereum. The rising cryptocurrency is also supported by several fortune 500 companies, which makes it a secure investment. In 2017 multiple big companies embraced the Ethereum network and decided to work on it with the goal of incorporating it into their business. There were several fortune 500 companies in this collaboration, which is a great sign for Ethereum investors. Keep in mind these are the companies that are on top of the world, and they know exactly what they are doing. It is a sign that the future holds great things for Ethereum.