With bitcoin declining, many analysts seem to think the number one cryptocurrency by market cap will soon get overtaken. And according to a new Goldman Sachs report, executives are firmly suggesting that Ethereum could be on the verge of being the king of cryptos.
Previously this month, Ethereum – the current second largest cryptocurrency – reached a fresh high of around $4,000 per coin. Naturally, when bitcoin moves, ETH tends to go too, and now the crypto has been hovering between the mid to high $2,000 level. It is a large loss, but the crypto still has a market cap of around $250 billion. And when compared to bitcoin’s $660 billion value, you see the gap is narrowing.
Ethereum might have a ways to go, but according to financial giant Goldman Sachs, it is capable of making the move. The report claims that the crypto has a “high likelihood” of “overtaking bitcoin.”
Goldman Sachs says
“Given the crucial nature of real word uses in deciding value, ether has a high possibility of overtaking bitcoin as the top cryptocurrency… Ethereum’s ecosystem is the foundation of smart contracts and gives a way to produce new applications.”
The belief that Ethereum will be the top force in the world of crypto is echoed by people like Kosala Hemachandra, executive at My Ether Wallet. Kosala says:
“Unlike bitcoin, ETH is more than just a value token, it also fuels the use cases which are built on top of its blockchain. Even with the decline in price, long-term development is not affected, and Ethereum is going toward market dominance over bitcoin.”
Author: Steven Sinclaire
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