Written by The Watergod | 5/3/21
This article provides information and education for investors. FeedYourEmpire does not offer advisory or brokerage services. Nor does it recommend or advise investors to buy or sell particular stocks or securities.
April has been a big month for Ethereum but May seems to be even better as Ethereum soars past 3k. In the last 5 years Ethereum has outperformed Bitcoin. In fact, many Crypto investors expect Ethereum to reach 10k. We will break down the 5 most important coins other than bitcoin that have the market cap and the business use to make you some serious gains. Make sure you understand that a 50-60% drop in this market will come. What goes up must come down so take profits and use safe risk management, therefore you can put your portfolio in the best position to succeed. Most importantly, make sure you do your own research before investing into anything that you do not understand.
Ethereum soars past 3,000
Ethereum finally broke past the $3,000 mark today and set a new record surpassing even bitcoin. Therefore, investors are now betting that ethereum will be of ever greater use in a decentralised future financial system. Furthermore, Ethereum hit a record high of $2,713.95 on Wednesday, following a more than 5% rally the previous day. It was last up 1.4% at $2,706.39.Ethereum has risen 2.7% over the last 24 hours to $3,021.67 at press time, giving it a market value of $349.4 billion. In comparison, data from the New York Stock Exchange shows that Bank of America currently has a market cap of $350.91 billion and Wells Fargo has a market cap of $186.557 billion, making Ethereum nore of value than those two companies.
Surprisingly, This market capitalization puts Ethereum in front of companies like Walt Disney And Paypal. Disney has a market value of $337.68 billion and papal has a market value of $308 billion. However, the demand for ether has also risen as investors use the tokens to buy virtual art or land, in the form of NFTs, on platforms such as SuperRare and Decentraland.
Why JPMorgan Believes Ethereum Will Continue Growing Faster Than Bitcoin
JPMorgan analysts think the reason why Ethereum is growing faster than bitcoin is that while the latter is more of a commodity competing with gold as a store of value than a currency. Therefore, Ethereum is the backbone of the crypto-native economy and a medium of exchange. JPMorgan believes that this has far-reaching consequences for the coin’s value.
“As a consequence, a higher proportion of Ether tokens behave as if highly liquid than Bitcoin, 11% versus 4% by some estimates over the past month” JPMorgan said
5 Most important coins other than bitcoin
1. Ethereum
Ethereum is a decentralized, open-source blockchain. The coin is also an essential tool among many developers and entrepreneurs. They are used to create decentralized businesses.
2. Ethereum classic
Ethereum Classic is an open-source, blockchain-based distributed computing platform featuring smart contract functionality. It supports a modified version of Nakamoto consensus via transaction-based state transitions executed on a public Ether Virtual Machine (EVM).
3. Bitcoin cash
Bitcoin Cash is able to process transactions very quickly, meaning that wait times are shorter and transaction processing fees tend to be lower. The Bitcoin Cash network can also handle many transactions per second.
4. Matic
Matic Network solves the low transaction throughput problem by using a Block Producer layer to produce the blocks. Block Producers enable the system to produce blocks at a very fast rate. The system ensures decentralization using PoS checkpoints which are pushed to the Ethereum mainchain.
5. DogeCoin
The main purpose of Dogecoin is to allow peer-to-peer transactions to occur in a censorship-resistant manner. As of late, Dogecoin has seen considerable coverage in the media due to huge price hikes.
Conclusion
The most important question is do you believe Ethereum will reach 10k or do you believe this is a bubble that will lose a lot of investors money. I believe that Ethereum is very undervalued and could reach as high as 24k. There is also a chance that a new up and coming fintech company comes up with a comparable platform that will take away value from Ethereum. For example Facebook came out as the very first Social media platform and because it had no competitors it dominated the market. After a while we had so many social media platforms that facebook has not been as popular as Tik Tok and Instagram. We could see this happen all over again but no time soon as Ethereum is light years ahead of everyone else. Don’t forget to follow Crypto Empire Tv for up to date information on finance and crypto
