Ether, the pilot token of Ethereum, which is the second-largest blockchain globally in terms of market capitalization has had an uptake of more than 40% as records indicate for the year 2019. While noting that this is a stunning performance for the cryptocurrency, which has been in existence for only the last four years it is only prudent to note that the world of cryptocurrency can only view the token as to be under-performing.
This conclusion is primarily drawn by comparison from its rival asset bitcoin, which has, in the same period made increases and surges of up to 160 percent. In all fairness, it is essential to note that Ethereum is now on track to become what bitcoin was, at least in the year 2015. Even though the current market capitalization and the trends in the growth of cryptocurrency and industry indicate that bitcoin is still the principal cryptocurrency by affirmation and acceptance worldwide, Ethereum is on the fast lane towards achieving that status, and soon too.
It can as of present be compared to the state of Bitcoin, back in the year 2015, when BTC lacked the backing of thousands of developers and even the community. Such a foregoing have served to front the narrative that portrays bitcoin as the sole winner of the ongoing cryptocurrency expansion. This narrative has had the resultant effect of downgrading other projects and other coins like Ethereum that do not have a massive backing and affirmation of the cryptocurrency enthusiasts, traders, and investors. It is this line of thinking that has made bitcoin to appear more lucrative and to outperform other coins even though Ethereum is as of present the fourth largest in terms of market capitalization.
As per Patrick McCorry’s sentiments, the first person in the world to hold a Ph.D. in cryptocurrencies, though Ethereum might be on its knees; it is not as such dead. The researcher from the UCL has also said that Ethereum is like a startup that is on the verge and on the process of building on its blockchain and has the growing favor and assistance from researchers and developers cutting across the globe. Additionally, the researcher has compared Ethereum’s present financial health with that of Bitcoin, back in the year 2015. He quickly reminds how bitcoin ran into an all-time drop from its high horse of USD 1300 to as low as USD 175.
Ariana Simpson of Autonomous Partners shares the same opinion as far as Ethereum’s financial health is concerned. The managing partner and founder tweeted on August 22 that bitcoin, at one point in 2017 had become old and forgotten news. She continues to say it is only foolish that while BTC remains King on the throne, that we all continue to dispel any other cryptocurrency.