This well-known cryptocurrency still has better days ahead of it, even though future returns are unlikely to resemble the past. Unsurprisingly, Wall Street and the media focus a lot of attention on Bitcoin (CRYPTO: BTC), the most popular cryptocurrency. However, in terms of financial gains, the global peer-to-peer internet currency has fallen behind its more modest rival in recent years.
How much your Ethereum value become after 5 year
A $100 investment in Ethereum five years ago on January 10, 2017, would now be worth a staggering $11.810 today, despite the fact that the price is down 22% this year (as of November 24). The second-most valuable cryptocurrency in the world as of this writing has a market cap of $147.2 billion. As of the coinmarketcap today’s Ethereum price chart is given below:
Ethereum can be seen as a global computing platform, whereas Bitcoin is just a decentralized payment network. This implies that a transaction involving a variety of different functions can be carried out by two unrelated parties without the use of pricy middlemen. Ethereum uses a programmable blockchain to create smart contracts and this is what sets it apart from other cryptocurrencies.
Ethereum work on PoW consensus algorithm
Currently, Ethereum uses a proof-of-work (PoW) consensus algorithm. To earn the right to validate brand-new transactions on the blockchain, miners must expend enormous computational resources on the resolution of challenging math puzzles. However, the same difficulties that have beset Bitcoin, namely those related to speed and scalability, have also hurt Ethereum.
The emergence of decentralised applications (dApps) like decentralised finance (DeFi) protocols and non-fungible tokens has resulted from Ethereum’s smart-contract functionality (NFTs). As of today, Ethereum has 2,960 different dApps on its platform, covering a wide range of categories such as gaming, social media, identity, and insurance.
It’s no surprise that top altcoin has risen to the top of the list of crypto use cases. This is due to its extensive developer network, which is essential for the advancement of any blockchain project. In December 2021, Ethereum had over 4,000 active developers working on it, which is far more than any other cryptocurrency, a situation that clearly bodes well for Ethereum’s future.