As if 2018 hasn’t been rough and rocky enough, Bitcoin is going to be even more beleaguered for the rest of the year – and headed into 2019, if not beyond.
Considered by many to be the “gold standard” of everything that crypto currencies have, Bitcoin is certainly the most recognized and perhaps the most popular crypto currency options out there. But according to industry insiders, it’s biggest rival – Ethereum – is getting ready to knock it from its perch and claim the top spot as King of the Cryptos before year’s end.
Who is the King of Crypto?
Ethereum has been considered one of the biggest contenders to Bitcoin since it first launched, and many believe it to be the crypto currency most likely to achieve crypto supremacy over – or at least equivalency to – Bitcoin, thanks to the blockchain technology sitting beneath the surface of this crypto.
The prices for Ethereum have been exploding in the last year while Bitcoin has taken a tumble, and traders the world over are definitely paying attention. We’re talking about the price of singular Ethereum tokens jumping up $1000 (US) or more in a single day, all while Bitcoin has slipped and slid its way back down to just about $8000 per coin.
According to some reports, Ethereum has had a jump in value of 10,298% over the last 12 months. Think about that for a moment.
That means that for every $1000 you invested in Ethereum you’d now have $1,029,000. That isn’t a small chunk of change.
Crypto experts are reporting that Ethereum also has a giant market cap that rivals Bitcoin’s already, even if the coin values are not quite as high as Bitcoin individually. Ethereum has a cap exceeding $107.5 billion right now, and it’s only going to continue to go up and up.
A lot of this growth is being spurred on by different ICOs using Ethereum and their blockchain as the foundation for their platform. More and more operations are moving to this lower priced coin as a way to attract people, and as the market shifts the value is pushed through the roof.
It certainly doesn’t hurt that the man behind Ethereum, Vitalik “Not giving away ETH” Buterin, has a very clear plan in place for the short and long term of this crypto. Moving methodically into the future, this is a crypto with a corporate face, rather than the digital phantom that Bitcoin continues to be.
Of course, Bitcoin and Ethereum are so closely linked to one another in the crypto world that both of them are trading very similarly. If you think the price in one is going to move in a specific direction, the odds are good that the other will move in the opposite – at least for right now.
People will want to hold off on shorting Bitcoin for a little while now (it’s had slumps like this before, always before record growth), but you’ll want to make sure you’re paying attention to everything happing in the world of Ethereum, too.
Security issues still exist with Ethereum, the same as they do with Bitcoin. Savvy investors are still a little bit leery after learning that nearly $400 million worth of crypto (the majority backed by Ethereum) was stolen just a few short months ago. On top of that, a lot of the more common and popular Ethereum wallets have known security flaws that Bitcoin operators have patched months ago.
It’s still too early to say exactly what the growth of Ethereum is going to be like, but the price jump up beyond $1000 this quickly is nothing short of spectacular. This just might represent The Next Big Thing in the world of crypto, the way Bitcoin did a few years ago, and it would be a shame if you missed out on an opportunity like this.
Bitcoin remains the king of crypto for right now, but there could be a shakeup at the top. Expect volatility to continue in this new digital form of currency for at least a decade or so, until the bugs have been worked out and security is where it needs to be.
IF you’re diving in to the fray right now, and want to back a single crypto horse, you can’t go wrong with Ethereum. The potential for extreme growth definitely is there, and it could get bigger than Bitcoin a lot faster than anyone would have expected.