Introduction
The current trade market is dazzling with Cryptocurrencies. With Bitcoin reaching its all-time high in December 2020, people have become more optimistic about its performance in 2021. But should we only focus on Bitcoin? Are we not forgetting the fact that there are other Altcoins as well?
In fact, Ethereum Blockchain is the most used network in the industry. You may not know, but traders and investors consider the Ethereum Blockchain network to be more secure than the Bitcoin network.
There has been a common misconception about Ethereum. Ethereum is not a Cryptocurrency; rather, it is a network that supports the Ether Cryptocurrency.
Since the first successful rally in 2017, traders have started giving importance to Ethereum. Ethereum never intended to compete for the title of best digital currency. The major aim of Ethereum was to provide a network for the developer to build decentralized applications.
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Seeing how most businesses have adopted the Ethereum Blockchain network has left people wondering, “Can Ethereum challenge Bitcoin?”.
With that keeping in mind, we will explore the possibility of whether Ethereum can challenge Bitcoin for the top digital Cryptocurrency.
Can Ethereum Challenge Bitcoin In 2021 As A Major Investment
We have been following the Crypto industry closely for the past decade. We have concluded that everything in this industry is connected to each other. For instance, the first successful rally starters after the rally of Ethereum ended. The same pair of events took place in 2020 for the second successful rally of Bitcoin.Â
We are certain it will repeat itself in 2021. Etereum being the initiators of these successful rallies, we can say that with time, Ethereum will come to hold enough power to compete with Bitcoin on equal footing.
Ethereum As Digital Oil
2020 was the year when Bitcoin rose to the status of Digital Gold. In that pretext, we can predict that 2021 is the year for Ethereum and might rise to Digital Oil’s status. Ethereum is commonly popular for its smart contracts. Seeing how the global; business is shifting theory focus to Digitalization, smart contracts will become the industry’s next norm. If that were to happen, then Ethereum will soon gain a boost in popularity.
Contracts are something that connects to work together. Today, when most of the business happens on the trust, contracts are the only way to ensure that parties at both ends keep their bargain.
The best part of the Ethereum contracts is that they are digital. Every term and considerations are encrypted in the form of coding. When conditions are fulfilled, the contract executes itself. This is the reason why Ethereum counteracts are called smart contracts.
Ethereum Will Reach $2000
Seeing how the market is performing, many experts believe that the price of Bitcoin will surge to $50,000 in 2021. Hence, Ethereum 2.0 will use this opportunity to catapult itself. The network of Ethereum will increase and grab more attention from the enterprises.Â
The Ethereum network’s importance can be gauged from the fact that today, most of the decentralized applications use the Ethereum network. Hence, with the increase in demand, Ethereum will be able to close the gap.
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Web 3.0 Is Gaining Traction
As web 3.0 is gaining traction in the industry, the protocol layers are accruing more value than the application layers. If you are not aware of the fact that the largest internet company is not the company that provides HTTP protocol, but it is the company that provides entice experience to the users.
Hence, the scope in web 3.0 of applications will shrink dramatically. We will soon witness protocol layers and infrastructure are valued more.
Conclusion
Ethereum is certain to come close to Bitcoin and even challenge Bitcoin in many ways. However, the gap is still broad. It will take years for Ethereum to fill the gap. 2021 might play an important role in Ethereum and help it to reach its goals.
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