Is Ethereum On Track To Becoming The Next Bitcoin?
Is Ethereum On Track To Becoming The Next Bitcoin?
eToro | Apr 26, 2017 05:44AM ET
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Since Bitcoin started gaining popularity in 2013, a number of other cryptocurrencies have surfaced, trying to take a bite out of this emerging market, valued in billions. Among the various digital currencies introduced, Ether or Ethereum has gradually solidified its status as the second-most popular cryptocurrency – and is still gaining popularity. But where are these two currencies headed? Here’s a breakdown of the differences, similarities, and possible future directions.
Despite not being close to Bitcoin’s over $1,200 value, Ether has been growing impressively in recent months. Since being introduced on the eToro platform on January 8th, 2017, Ether has registered incredible gains, quadrupling its value, climbing from a little under $10 to just over $40. The most recent price spike could be attributed to the SEC’s decision denying a Bitcoin-based ETF, which drove some investors to buy Ether as an alternative.