The recent decline in Bitcoin price has put the spotlight back on the second biggest cryptocurrency, Ethereum, which, some say, has the potential to replace it as the number one digital currency in market share. Bitcoin has seen a major fluctuation in price in the past couple of months. It rose to the all-time high of $65,000, only to fall 50 per cent to $30,000. Its market share also went down to 42 per cent ($1.6 trillion) from 70 per cent before the start of 2020, CoinGecko data shows.
The month of May saw the biggest fall in Bitcoin price, thanks to the tightening of cryptocurrency laws by China and Tesla chief executive Elon Musk changing his stance on Bitcoin.
When compared to the market share, Bitcoin is still way ahead compared to Ethereum. The May rout helped Ethereum narrow this gap by about $350 billion. While Ether dropped by around 11 per cent in May, Bitcoin suffered a much worse route at 37 per cent. On year-on-year growth too, Ethereum seems to be beating Bitcoin. While Ethereum grew over 900 per cent over the past year, Bitcoin saw a 275 per cent jump.
Ethereum investors and its fans say there are two big reasons for a strong momentum -- popularity for blockchain-based financial services and digital collectables and a major upgrade in its technology, which is underway and will bring a tectonic shift in the way Ethereum works.
Also read: Big change coming in Ethereum! To give huge advantage against Bitcoin
As countries become more open towards cryptos, interest in digital currencies have expanded beyond Bitcoin. Experts say Bitcoin will eventually lose its title as the number one crypto as another digital currency with better technology and tech agility will become more popular among crypto investors, and Ethereum seems to be offering just that.
"(Ethereum) will likely exceed Bitcoin at some point in the future, as Ethereum will be superior when it comes to innovation and developer interest," said Tegan Kline, co-founder of blockchain software company Edge & Node, reported Bloomberg. Some also believe that replacing Bitcoin won't be an easy game for Ethereum as it still has many advantages over Ethereum. "Bitcoin will still remain king of the cryptos," Edward Moya, senior market analyst at Oanda Corp told the news platform.
Also read: Bitcoin price recovers to $38,403 after Elon Musk's meeting with miners
Ethereum is also working on a major shift that will help save up to 99.5 per cent of the energy it currently consumes. Given the stiff opposition cryptos like Bitcoin are facing over climate change issues, it's possible that more investors get drawn towards Ethereum in future.
Ethereum already uses lower energy than the most popular cryptocurrency Bitcoin. It will soon be completing the transition to Proof-of-Stake (PoS) from the Proof-of-Work (PoW) system, according to Carl Beekhuizen, an Ethereum Foundation researcher. The technological shift will mean Ethereum will consume even less energy than Bitcoin.
Meanwhile, in the past 24 hours, Bitcoin has seen 0.18 per cent growth in its price to $36,291.92, while Ether grew 3.79 per cent to $2,589.5.
Also read: Cryptocurrency market crashes! Is it time to sell Bitcoin?
FAQs
Although Ethereum is similar in that it is a blockchain with a native token, or 'currency', it has major differences with bitcoin. Its proponents believe it has advantages that mean it could take the number one spot in the future.
Can Ethereum beat BTC? ›
Experts acknowledge that due to several use cases and its unique blockchain, Ethereum has a stable future, and there is a chance it may perform exceptionally well compared to Bitcoin. However, it is considered highly unlikely for Ethereum to surpass the price of Bitcoin.
Which crypto can give 1000x in 2024? ›
Here's a quick overview of what coins have the potential to be the next 1000x cryptocurrencies.
- Dogeverse (DOGEVERSE) – Most likely crypto with 1000x with over 600,000% staking APY.
- WienerAI (WAI) – Potential 1000x coin merging meme coins with AI.
- Slothana (SLOTH) – New Solana-based meme coin with an explosive launch.
By the end of 2030, the predicted Ethereum price could soar to a peak of $26,575.21. The current price of 1 Ethereum is $ 3,054.12341169.
How much will 1 Ethereum be worth in 2025? ›
Ethereum (ETH) Price Prediction 2024-2040
| Year | Minimum Price | Maximum Price |
|---|
| 2025 | $5,907.41 | $7,194.28 |
| 2026 | $8,232.18 | $10,283.97 |
| 2027 | $11,892.81 | $14,527.55 |
| 2028 | $18,352.16 | $20,942.91 |
8 more rows4 days ago
Ether "looks like the cryptocurrency with the highest real use potential," argues a new Goldman Sachs analysis, which predicts that ETH's value could eventually overtake BTC's. Ethereum's advantages include the ability to run applications like DeFi protocols.
Who can overtake Ethereum? ›
2 Cryptocurrencies That Could Dwarf Ethereum
- Ethereum remains the largest Layer 1 blockchain network in the world, with a massive $200 billion market cap.
- Cardano, currently the seventh-largest crypto, needs to execute on its DeFi strategy and find new growth in emerging markets in order to overtake Ethereum.
7 Cryptos With Explosive 5X Potential by 2025
- Ethereum (ETH-USD): Even with its relatively high price ETH has 5x upside.
- XRP (XRP-USD): XRP is free legally and remains the top cross-border transaction token.
- Cardano (ADA-USD): Strong fundamentals and low price are the prime factors for Cardano.
Bitcoin. As long as money continues to flow into the new Bitcoin ETFs, the price of Bitcoin should trend higher. Back in October, investment firm Bernstein predicted that Bitcoin (BTC 5.10%) would skyrocket to a price of $150,000 by mid-2025.
Which crypto will boom in 2030? ›
But the S2F model also shows Bitcoin appreciating alongside monetary gold in the future, such that its market capitalization could cross $2 trillion by 2030 (67% upside), $3 trillion by 2035 (150% upside), $9 trillion by 2045 (650% upside), and $20 trillion by 2055 (1,567% upside).
While Ethereum can hit $100,000 after 2030, it is not realistic to expect ETH to reach 100k before 2030. It's nearly impossible. There is no path for Ethereum to hit 100k before 2030, it's impossible. ETH can realistically hit $10,000 in the coming years, either in 2025 or in 2026.
What will ETH be worth in 10 years? ›
Looking ahead to the start of the next decade, DigitalCoinPrice predicted that the ethereum price in 2030 could reach $21,686.80, based on its assessment of historical data. The ETH price prediction from CoinPriceForecast estimated the coin could trade at $6,679 by the end of 2030.
Which crypto is the next Bitcoin? ›
Like BTC, ETH is up sharply so far in 2024, surging 53.6% through April 1. These two cryptos are undoubtedly the best in their asset class. Some market watchers speculate that Ethereum ETFs will be the next step in crypto's mainstream adoption, and if any digital currency is next in line, it's undoubtedly Ether.
How much is $1000 in Ethereum 5 years ago? ›
Five years later to press-time and the $1,000 would be worth $709,740.70. The returns may not be as impressive, like those in 2018, but it is still a whopping 70,974% gain. Even for the earliest of ETH investors, the cryptocurrency has unleashed a bonanza returning 21,971.12%.
How much will 1 Ethereum be worth in 2040? ›
1 ETH would be worth $12,212 in 2040 based on a 11.8% yearly growth rate. Calculate your potential ETH profits with our Ethereum profit calculator. This is a much more realistic scenario, as it would translate to a $1.4 trillion market cap for Ethereum.
How much will Ethereum be worth in 2040? ›
If ETH grows by 11.13% per year on average, the ETH price prediction for 2040 is approximately $18,341. 1 ETH would be worth $18,341 in 2040 based on an 11.1% yearly growth rate.
Can Ethereum reach $50,000? ›
Can ethereum reach $50,000? Ethereum prices could surpass $50,000 by 2030 in a best-case scenario, according to VanEck. But that would require a significant rise in activity on the ethereum blockchain over the next six years.
Is it better to have ETH or BTC? ›
Ethereum, it depends entirely on your requirements. While Bitcoin works better as a peer-to-peer transaction system, Ethereum works well when you need to create and build distributed applications and smart contracts. The choice is entirely up to you to choose a winner between Bitcoin vs. Ethereum.
What's the highest Ethereum can go? ›
The combined effect of increased market demand, investor confidence, and heightened media attention could propel Ethereum's price significantly higher. Market experts predict price targets to a potential peak of $8,000 by 2026 and even higher in the long run.
