Now Todd Morley, co-founder and former CEO of investment giant Guggenheim Partners, who is now a cryptocurrency and blockchain investor and entrepreneur, said that Etherium has “much higher utility” than Bitcoin.
Forbes, which is citing Todd Morley, claims that Ethereum may soon overtake Bitcoin, noting that so-called decentralized finance has skyrocketed in popularity over the past 12 months.
It is about using cryptocurrency technologies built on Ethereum technology to recreate traditional financial instruments. As a result, traditional banks may be supplanted by new technologies. This helps the price of Etherium to rise.
Etherium’s price gains exceed Bitcoin’s growth rates: Etherium is up nearly 1000% from Bitcoin’s 300%, even with the recent price crash.
Etherium’s market cap, the combined value of all Ether tokens in circulation, skyrocketed to nearly $ 300 billion, just under half of the nearly $ 700 billion in bitcoin. The number of developers of Ethereum applications has increased 20 times annually for six years in a row.
This is significantly higher than what Moore’s Law says, according to which the computation speed doubles every 24 months, along with the number of transistors placed on an integrated circuit chip. Etherium is now worth around $ 2,800, while Bitcoin is trading near the $ 38,000 mark.