Nowadays, digital currencies are trending everywhere in the world, and people are getting crazy about them. It has been the point of attraction for many investors for years and is getting increasingly popular every day. If you are a beginner and don’t know which cryptocurrency you can invest your money in 2023, then keep reading this article.
Bitcoin and Ethereum at the top positions in the crypto world. Their market value keeps fluctuating, but they still are at a very high market position. New investors might get confused when they have to pick one from these two digital currencies. So, in this article, we will share with you whether it will be profitable for you to invest in Ethereum this year or if Ethereum can be the next Bitcoin?
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CAN ETHEREUM BECOME THE NEXT BITCOIN IN 2023?
Investors are interested to know if Ethereum is going to beat Bitcoin this year. If you have been in this market for a long time, then you must be aware of how the market value of the BTC fluctuates. Ethereum is at the second position in this trade after the BTC. It has seen a tremendous growth of about 900 per cent over the past years, whereas if we see BTC has grown up to 275 per cent only.
The recent decline of the BTC has put him back in the spotlight. Ethereum, on the other hand, has the potential of replacing BTC with its position and becoming the number one currency in the crypto world. Bitcoin has seen significant fluctuations in its market value in the past few months. It has seen a fall from $65,000 to $30,000.
However, there is no denying that even after this much fall, BTC is still ahead of ETH in the crypto world. The month of May helped ETH to narrow this gap. In May, ETH’s market value decreased by 11 per cent, whereas BTC suffered a more significant loss of about 37 per cent. Therefore, if we look at the broader picture, then we can see ETH beating Bitcoin in the coming future.
Many new digital currencies are being released in this trade, and even the experts feel that people are soon going to lose their interest in BTC. A day is not far when some other currency with better technology will become more popular than the BTC. This means that Ethereum is on its way to do that.
ETH is a superior digital currency when it comes to its innovation and technology. Therefore, it will soon replace Bitcoin in the future. However, some market analysts believe that it is not that easy for any coin to replace Bitcoin as it offers many advantages over others.
PREDICTION OF ETHEREUM PRICE
Market analysis of the cryptocurrency is the most challenging part to do. But without, an investor remains directionless. Therefore, a person needs to study the predictions before making any significant decision regarding crypto money. One may only get the idea about the fluctuating prices if he has been analyzing the trade properly.
It is believed that ETH is going to see a rise in its value by $2,800 in the short run, which means most probably in May. Goldman Sachs’s prediction also tells us that Ethereum can surpass the BTC in the future. Whereas some other analyst groups believe that if ETH continues to work like this only, then it can reach up to the market value of $10,000 by the end of this year.
THINGS TO KNOW ABOUT ETHEREUM
After proper research, if you want to invest your money in ETH, we will suggest doing it when the prices are a bit on the lower side. It is a more intelligent move to get more on the amount you pay for it. But before you get into this, let us look at some essential things related to Ethereum.
How ethereum is different from other digital coins:
People mostly get confused between Ether and Ethereum. Well, let us explain this to you. Ether is technically an actual token, whereas ETH is blockchain technology. If you want to buy ETH, then you cannot do it directly. For this, you have to buy Ether, just like the working of the other cryptocurrencies.
The people do not widely accept Ether as Bitcoin because BTC is more energy-intensive. But since Tesla has announced that they will not accept BTC as payment because of environmental issues, its market value has decreased. On the other hand, developers are working hard to improve the technology of Ethereum so that it can become more energy efficient.
Consider the real-world utility of ETH:
It is self-evident that a cryptocurrency only increases in value when it has some real-world utility. You may see that the value of many digital currencies keeps on growing, but it remains constant only if it can be used for any real purpose. There is good news for you; in this case, Ether has several advantages over the other crypto coins.
Several other digital currencies use the blockchain of ETH. It can be used in several different ways. If Ethereum succeeds in this, then Ether will automatically become popular amongst people.
TO SUM UP
No doubt that today Bitcoin is ruling the crypto world by being in the number one position. But do you think that this trend will not change in the future? Ethereum, which is in the second position right now, can surpass the BTC soon in the coming future. So, do your proper research before investing in these crypto coins.