Author – Mil
Many analysts and crypto investors believe that Ethereum could possibly be the next Bitcoin. Sitting at the number 2 spot in terms of total market capitalization, Ethereum is currently valued at the $845 level and has $82.5 billion in terms of market capitalization (as of the writing of this article).
Optimistically speaking, Ethereum has the potential to overtake Bitcoin in terms of total market capitalization due to its technology and innovations, especially the smart contracts. In 2017, majority of the tokens developed by companies are on the Ethereum blockchain. Recent news has also shifted focus from Bitcoin to Ethereum. With the correction in Bitcoin price still ongoing, experts believe that Wall Street’s “Ethereumization” is inevitable. This pronouncement is interesting since most recent events show that the stock market and the real life financial world are being affected by Ethereum.
As mass adoption continues, people will soon become more familiar with the Blockchain technology, and realize that Ethereum has much more practical application in terms of technological innovation. As more people realize the practicality of Ethereum, its value will also increase as the market continues to figure itself out.
Experts believe that Ethereum may even hit the $7,000 value mark in the near future with a consequential decrease in the value of Bitcoin.
In terms of the market capitalization chart, Bitcoin currently sits at a 34.8% market dominance, while Ethereum is at 19.73%. If this trend continues, we may see Ethereum overtake Bitcoin by mid-April. While the entire market took a huge hit during the several waves of market correction that started last month, Ethereum actually held its price levels well, which is a good sign for its future prices in 2018. As of the moment, market capitalization is undergoing the consolidation phase. Once, consolidation is over, probably towards the end of February, we will see if the trend will continue or subside. If this continues, we may see Ethereum on the number 1 spot in terms of total market capitalization.
As of the moment, the main hurdle for the entire cryptomarket is with regards to the momentum. As the market consolidates, it is deciding whether to slope upwards, or move downwards for further corrections. It is simply up to the buyers and sellers. If the influence of the buyers overcomes the sellers, we will see higher prices and higher market capitalizations.
