Bitcoin has already been crowned digital gold, but another token already outpaces it in terms of daily use, Ethereum. Introduced in 2015, Ethereum has since become the world’s second largest cryptocurrency with a market cap approaching $500 billion and just hit a fresh all-time high when it recently broke past $4,400.
In many ways, Ethereum took some of the revolutionary ideas introduced with Bitcoin and improved upon them. The Ethereum network was the first to be optimized for dApp, and is the current building block for a range of projects including non-fungible token markets, various cryptocurrency exchanges, and decentralized finance platforms. The two knocks on Ethereum have been the lack of environmental sustainability attached to the token and the slower transactional speeds of the network. Both are areas that will be addressed when Ethereum switches to operating as a proof of work (PoW) protocol during an upgrade when it will be rebranded as Ethereum 2.0.
Ether, the token minted via the Ethereum blockchain, has been on about absolute tear during 2021. Valued at $383 to start the year, Ether quickly reached New highs in May when it topped out at $4,379 before breaking past $4,400 in the past 24 hours.
Bitcoin will undoubtedly continue to draw the crowds and be the main act in the show, but the true workhorse in the Crypto world is Ethereum. With its ability to be used by developers around the world to create new and revolutionary offerings, Ethereum’s time in the spotlight is quickly approaching.
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