Ethereum, the second-largest cryptocurrency by market cap, is full of potential. Currently, the primary focus of institutional investors is on the Bitcoin but Ehereum is also going to become a mainstream digital asset.
1,200% Price Increase of ETH
According to on-chain analytics, the price value of the largest altcoin has increased by 1,200% since low in mid-March. Bitcoin, on the other hands, has also surged by 700% since March 2019.
It is true that Ethereum cannot compete with Bitcoin in price value and market cap but the community around the largest altcoin is kept growing. The market experts say ETH will express a massive progress in the price value as well as market cap.
The striking feature of Ethereum network is that it is now a home to hundreds of blockchain projects. Almost all major decentralized projects are built over Ether blockchain. The blockchain is also responsible for launching the most famed ERC-20 tokens out there. It has outperformed all other networks, such as Tron, Cardano, Tezos, Polkadot, and Cosmos, in reliability and performance.
On-chain data unveils that transactions worth more than $1 trillion recorded on the Ethereum network. The transactional volume is even higher than major traditional payment giants such as PayPal.
A clear rise in the active wallets is also noticed which shows interest of investors in the top altcoin is increasing. Recently, it turned down its previous all-time high and registered a new record.
The decentralized finance (DeFi) is a sector that has attracted billions of dollars from investors. Ethereum is a king in the decentralized finance as it is a mother blockchain to the world’s famous DeFi projects. According to a rough estimate, the total value locked in DeFi platforms has jumped from $687 million to more than $23 billion after surging by 3,300%.
The high potential of the second-largest cryptocurrency has revealed to the worldwide investors who were not inspired from it in the past.
As the network grows, the mining fees on the network are also surging. The leadership is planning to transfer consensus from proof-of-work towards proof-of-stake to tackle the issue of high fees. The initial phases have been launched successfully and the community has shown an immense interest by submitting funds in the staking contract.
At the time of article writing, the price value of ETH is standing at $1,418 after increasing by 7.49% over the day.