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Whereas Bitcoin continues to stay the “blue chip” of cryptocurrencies, 2020 has seen Ethereum path in second place, in addition to the rise in reputation of altcoins constructed on Ethereum, mentioned Hong Fang, CEO of OKCoin.
“2020, along with Bitcoin which takes the dominance out there, about 73% of the quantity, Ethereum positively comes subsequent. Ethereum is mainly a protocol that permits good contracts, in order that numerous purposes may be constructed on high of it,” Fang mentioned.
Some analysts have speculated that Ethereum’s superior expertise will sooner or later lead it to surpass Bitcoin in market worth, Fang mentioned that this evaluation doesn’t inform the entire story.
“I’d disagree, however not [with] the truth that Ethereum has inferior expertise than Bitcoin. I feel these two are constructed for very completely different use instances. They’re additionally in very completely different levels of growth of their life cycle. Bitcoin was constructed as a retailer of worth,” Fang mentioned. “Ethereum, alternatively, is constructed to permit good contracts, in that individuals can really construct apps on high of it to essentially construct web use instances within the crypto world.”
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