As a result of there being so many cryptocurrencies to choose from nowadays, numerous investors have begun looking towards viable projects that could increase both in value and price in the years to come. Ever since Bitcoin (BTC) had made its debut over a decade ago, we have witnessed the rise of alternative coins (altcoins) in the crypto market, and continued progress has been made to the point that many are now actively considering leaving the flagship cryptocurrency behind in favor of possibly more profitable options.
Chief among these options is Ethereum (ETH), and while the world’s 2nd biggest cryptocurrency has certainly risen in the ranks to become the most dominant altcoin, there is still the question of as to whether this cryptocurrency will be able to survive long term, considering the fact that there are so many other options available now. While Ethereum had been called a ‘Bitcoin killer’ in the past, various projects are now being referred to as ‘Ethereum killers’, which is a testament to how dominant the largest altcoin has become over the years and the rise of its vicious competition.
The debates continue
Ethereum looks to finally transition to proof-of-stake (PoS) in the near future, and the London hard fork is expected to arrive this coming August fully. As such, it is unlikely that investors will stop calling Ethereum the aforementioned ‘Bitcoin killer’ as many remain bullish on it. However, with projects such as Cardano (ADA), Solana (SOL), Polkadot (DOT), and numerous others, various individuals at both a retail and institutional level have wondered as to what the future will hold for Ethereum and if it can stay atop the altcoin mountain.
Tuur Demeester, the founder of Adamant Capital, had offered insight into this conversation and stated that although Ethereum might struggle to consistently compete with the top alternatives out there, it will nonetheless most likely enter the global financial system on a permanent basis, similar to what Bitcoin had managed to accomplish. The founder even went as far as to say that Ethereum might end up assisting various nations with regard to the implementation of CBDCs in the near future. Ethereum’s network could hence be utilized by many to enter the world of blockchain.
Governments may intervene
Demeester added that DeFi might be the ‘bread and butter’ for Ethereum. However, the real challenge will be dealing with the persistent intervention and increased regulations on the part of governments as pertaining to the system’s overall robustness.
Whatever the case may be, Ethereum is more than likely to continue its dominance if the abovementioned London hard fork is successful, which is said to drastically reduce the gas and transaction fees of the Ethereum network. These extremely high fees have been a consistent problem that has affected the cryptocurrency’s growth and its respective investors’ ability to effectively utilize the network.