It’s a turbulent time in the crypto-sphere right now, and most pro traders are looking for a smart investment to help tide over the storm. The question is; which currency is the smartest as far as a sound investment is concerned?
Say what you will about the alternatives, most have their eyes firmly planted on Ethereum, as well as the blockchain’s native currency Ether (ETH.) Most are familiar with the name, but might have been overlooking the crypto for lesser known investments. But now more than ever is a seriously good time to consider adding Ethereum to a portfolio.
Anyone looking for a well-grounded, well established crypto can’t do better than Ethereum. Except for Bitcoin, but that’s an entirely different conversation. As it stands Ethereum has an impressive market cap of around $190 billion, making it a true cryptocurrency behemoth. What’s more is that the currency is predicted to be on a sharp upward trend. It may not be toppling Bitcoin any time soon, but is still the giant that everyone should be talking about.
Having launched in 2015, the Ethereum blockchain came with a major advantage over Bitcoin. Namely that Ethereum incorporated a Smart Contract service. Smart Contracts are the core of the system, allowing for deals to be struck via an entirely automated ecosystem. Essentially if the system finds parties that have matching criteria the transaction will go ahead. There is no need at all for third part intervention, truly cutting out the middleman.
Called the Ethereum Virtual Machine, the software puts the currency ahead of even Bitcoin in terms of innovative tech. Though, the EVM is just part of the innovations going on behind the scenes.
A key factor previously holding back Ethereum was the plodding proof-of-work mechanism. This recently transitioned to the far quicker, far less time consuming proof-of-stake model in September. The transition means that Ethereum is more user-friendly than ever before, earmarking it as having a brighter future than ever. The blockchain was already hotly favoured due to its Smart Contracts, but now has the added advantage of using a highly flexible, far less congested network.
Some blockchains neglected NFTs, but Ethereum made no such mistake. With the blockchain embracing NFTs the network quickly climbed to the top, boasting a total of $29 billion in sales to date. There is no question that Ethereum is the NFT king, with the potential to take digital asset trade to a whole new level. It remains to be seen where NFTs will go, but Ethereum will almost certainly remain on top no matter what happens.
Most importantly, Ether (ETH) is currently trading at a mild low, but is set to make a surge. As of December 5th ETH has been trading at $1,210, but with predictions suggesting it will push its way back up to $1,309, and perhaps even to the peak $1,422 resistance level. In other words, now is the time to buy.