Did you know that Ethereum might surpass Bitcoin in 2022. Research shows that Ethereum’s price skyrocketed by more than 400%, while Bitcoin’s price has increased by around 70%.
Bitcoin is a digital currency that emerged first in the crypto realm. Those who have already invested in Bitcoin are more likely to gain significant returns. Ethereum, on the other hand, is much more than a blockchain and money; it is a booming ecosystem of apps, services, and organizations.
Why Ethereum can Surpass Bitcoin in 2022?
There are several reasons why Ethereum can surpass Bitcoin in 2022, including the introduction of non-fungible tokens (NFTs) in 2021, and those trends appeared to be skyrocketing in 2022.
Let’s find out how?
Ethereum Offers Better Utility
Bitcoin’s original promise was to provide a digital currency that a central government or other agency would not control. While Bitcoin has acquired widespread acceptance as an investment, its rise as an alternative currency has been slower.
Approximately 15,000 companies across the world accept Bitcoin now. That may seem like a lot, but it represents just about one out of every 10,000 of the world’s hundreds of millions of businesses.
Real-world enterprises don’t as widely embrace Ethereum as Bitcoin. Still, it’s the leader in the areas where cryptocurrencies are gaining traction: the metaverse, NFTs, and other real-world applications.
Because its blockchain supports smart contracts, Ethereum has become the de-facto medium for buying and selling NFTs, whereas Bitcoin does not. Ethereum was created to enable smart contracts, which conduct transactions automatically without an intermediary.
This has implications beyond non-fungible tokens, such as real estate transactions, concert tickets, and other purchases where the issue must validate.
Developers Are Attracted More Towards Ethereum
When it comes to developers working on the platform, Ethereum is the leader in cryptocurrency. According to research by investment company Electric Capital, as of the third quarter of 2020, Ethereum had an average of roughly 2,300 developers, while Bitcoin had less than 400. Further addition to that, more than 300 new engineers and developers are joining Ethereum each month.
Ethereum is be much more versatile and adapt to new use cases than Bitcoin, with a considerably bigger developer base. Its developers are now working on the Ethereum 2.0 upgrade, which will make Ethereum more sustainable, safe, and scalable, with the ability to accommodate thousands of transactions per second.
Ethereum is the Cryptocurrency of the Future
Throughout 2021, enthusiasm for NFTs, Decentralized Autonomous Organizations (DAOs), Decentralized Finance (DeFi), and the metaverse have been increasing. All of these cryptocurrency apps prefer Ethereum over Bitcoin, and they feel it should gain traction in 2022 as well.
The year 2021 shows that cryptocurrencies have applications beyond Bitcoin, which expects to continue in 2022. As interest and acceptance in areas such as NFTs, DeFi, and the metaverse develop, Ethereum will also profit; making it a fair bet that it will exceed Bitcoin in 2022.
Since the native token of the Ethereum network was created in 2015 as an alternative cryptocurrency to the original one, Ether surpassed Bitcoin by the highest amount in 2021. While both were down from previous month’s record highs; Ether gained 530% since December, compared to Bitcoin’s doubling in value, expanding the performance difference between the two by more than 400 percentage points.