Bitcoin is undoubtedly the largest cryptocurrency on the market and will continue to prevail as long as cryptocurrencies continue to exist in many people’s eyes. Since the launch of Bitcoin, more than 5,000 altcoins have been created and released on the crypto market, each claiming to be better than Bitcoin and ready to dethrone it.
Many of these altcoins introduced different innovations, but none of them performed well to lead cryptocurrencies. Bitcoin has been and continues to be the benchmark for every digital altcoin on the market. Its ‘pulling power’, dominance and influence have been ruling the crypto market for years and will continue to do so.
Some Altcoins Could Reach The Same Level As Bitcoin (BTC)
Altcoins will continue to fill the crypto market, each with the sole purpose of being a hit. Future predictions may place some altcoins on the same level as Bitcoin, but the real question is that any of the thousands of altcoins will succeed Bitcoin. While this may seem almost impossible, we cannot ignore the fact that the crypto industry is at its peak when the issue of unpredictability comes up. As many people know, the extreme volatility of the crypto market is only part of what makes the crypto market unpredictable. Market sentiments, ever-growing online communities dedicated to specific digital currencies, projected developments, rivalries, and ego-driven players in danger, all make it very difficult to stick to any prediction or opinion.
Many altcoins are performing a performance that will see their value increase at an unprecedented rate in the coming years. Even if the chances of exceeding the bitcoin price are low, and the altcoin most likely to come close to it is Ethereum.
The second largest cryptocurrency next to Bitcoin and arguably one of the most used cryptocurrencies is ETH. It was developed on the basis of universality, modularity, agility and simplicity, according to the coin’s “whitepaper”. The Ethereum blockchain is built with “a full-fledged Turing complete programming language that can be used to create contracts.” This option allows its users to code and render any program, function, and more by programming the idea in a few lines of coding. Smart contracts have become a station in the Blockchain ecosystem due to its importance in defining transaction terms.
Ethereum Defi Projects Hurt a New Era
Decentralized finance (DeFi), a project on Ethereum Blockchain, has also been a huge success this year. A key factor of its success is that smart contracts are public and interoperable. DeFi projects have seen their tokens perform perfectly in the crypto market this year and have been dubbed the ICO of the year by many experts. DeFi allows its users to create new and exciting opportunities on their own, which is another reason for its success.
Ethereum dApps is also another wave generating project. The transaction volume for DApps increased by $ 4.5 billion in the second quarter of the year compared to the previous quarter and exceeded $ 12 billion. Ethereum dApps accounted for 82% of the $ 12 billion figure and most of the value comes from the use of decentralized finance (DeFi) applications in its network.
Ethereum seems to be the luckiest altcoin with the necessary developments, growth and sufficient projects to take the throne from Bitcoin in the next decade.