ETH has great potential to be the new crypto leader
More people around the world are looking into Ethereum (ETH) as the new central cryptocurrency in 2023 and beyond. Signs that indicate this is the direction the economy is headed towards are the promising trends for blockchain use rather than simply the crypto’s selling price. A few examples include projects in entertainment like Bitcasino games and social interconnectivity like the metaverse.
Why is ETH a good crypto to have
All cryptocurrencies are viewed in a hierarchy of value from most to least valuable based on their current market capitalisation (market cap). Bitcoin (BTC) has remained the de facto ‘top crypto’ in the world with ETH following close second.
Among the few reasons that this is still the case for years is how the former had the early market advantage. Other reasons include how it became the basis for every other digital asset. Now, Ethereum is taking the lead to become the new crypto power with both its platform and currencies playing big roles in the new era of blockchain development. Here are all the qualities ensuring a new age of cryptocurrencies:
Many uses as mode of payment
ETH may be only worth a fraction of BTC but this made it more accessible to a lot of traders. It’s easier to use it for a majority of what Bitcoin paved the way for cryptocurrencies but the top asset is now exclusively traded only among institutional investors. With ETH, you can still use it either to pay for online services or to stake at a Bitcasino live casino game regularly.
The true power of ETH as a mode of payment revolves around the Ethereum blockchain itself. It’s the gas token for all activities in the network, including dapps and other networks using it as a foundation. All of which rely on smart contracts which rely heavily on ETH as the universal currency.
The strength of a cryptocurrency’s economy can be viewed in its trade volume, increasing trade price, and size of its market cap. All three factors are already proven at all exchanges, making ETH the second-most valuable digital asset in the world. Having many uses also helps keep the crypto’s price stable, ensuring that there is more room for growth and the price floor won’t lower too easily.
ETH, like BTC, is a volatile asset that can increase its price significantly over time. Factors that can help this include the strength of the asset’s economy, its popularity, and supplies. Likewise, ETH is also subject to price drops during a bearish market which can be a great opportunity to buy more for its other uses. Such uses can be to fund a project among Ethereum-based networks or make a quick deposit to claim the biggest Bitcasino bonus currently offered.
Latest news also shows that Ethereum is the most active blockchain right now with various forks and governance decisions made to improve its services. All of which serve to innovate the network for modern traders. The two biggest updates to the network were the London Hard Fork and the Ethereum Merge.
The London Hard Fork was a crowd-funded update that introduced five new Ethereum Improvement Proposals (EIPs) in 2021. It streamlined transactions and changed how incentives work for ETH miners, making trades easier than ever before.
The second major update was the Ethereum Merge, a 2022 event when the mainnet was replaced by the Beacon Chain that was introduced in 2020. It gave the biggest number of changes that all contributed to eliminating the network’s energy demand by 99.9%.
More big projects are coming to Ethereum if there is a demand for such changes. A growth of a network ensures that it remains competitive in the ebb and flow of the market. Thus, ensuring its investors that their ETH will remain as one of the best crypto assets to invest in.
Leading platform for the development of the metaverse
Ethereum is not the only smart contract blockchain in the crypto industry, it is the de facto leader. Thus, it is the best network for every development requiring platforms for decentralised app development, including the concept of the metaverse. It’s envisioned to be a blockchain-based virtual world where everyone can interact, play, trade, and hang out.
The metaverse needed to be built on Ethereum to use other technologies that are only possible in this blockchain. One of which is non-fungible tokens (NFTs) so all assets used in the metaverse are unique and can be built by content creators. The other is the tools for app development which Ethereum already has thanks to millions of developers continuously building new features on the network.
Importance of the Ethereum Merge to ETH’s growth
Crypto investors celebrate the Ethereum Merge mostly because it solved the blockchain’s underlying issues of being outdated and being modelled after Bitcoin. Its more important contribution to the digital asset industry, however, is how it paved the road for future development. The Beacon Net (now the mainnet after the merge) is equipped with everything necessary to grow its capacity. No matter how big the network becomes, it will remain fast for all users and fees will remain cheap.
Ethereum assets to invest
Ethereum is a blockchain that hosts many smaller networks, each with its own cryptocurrencies. Their use and availability are different because they are built for different purposes. Some are modes of payment for certain dapps while others are tokens to accomplish different tasks. Here are the top cryptocurrencies on the Ethereum blockchain you should consider investing in:
ETH is the main local cryptocurrency running the Ethereum blockchain. Newcomers to crypto trading see it as an alternative to Bitcoin but its true value is in its use as a gas token for all operations in its network. As the most valuable native crypto with its own ecosystem, you can use ETH to exchange for every ERC20 token including the D2T, and RIA. Its popularity among exchanges also makes it easy to liquidate, allowing you to cash in and out at any time.
The Sandbox (SAND)
Many companies have a lot of plans for the metaverse and The Sandbox has the most promising one yet. It’s a decentralised platform built on the Ethereum blockchain where players can buy virtual plots of land. These are all NFTs that can take a variety of shapes and forms. SAND is the utility token in this gaming metaverse with a finite supply of 3,000,000,000.
SAND can be used to either buy or make the aforementioned NFTs. You can buy it at some of the major cryptocurrency exchanges like Coinbase or earn it by selling assets and plots of lands. It is also volatile, allowing you to profit through buying and selling or hodling it, although it has limited price swings compared to ETH and BTC.
UniSwap is a swap dapp and it’s the most popular of its kind in Ethereum. A swap lets you exchange ERC20 tokens for other assets within Ethereum using a decentralised exchange. UNI is its local utility token with a max supply of 1,000,000,000 which is used to pay the swap fee or to participate in governance over UniSwap. This crypto is not as volatile as ETH but it can still increase its trade value with the growth of the number of users. Ethereum will have more investors in 2023 ensuring that the demand for UNI will also increase.
Most cryptocurrencies are created to help blockchain users but BudBlockz is one of those that are meant to have a real-world application. In this case, it is a decentralised e-commerce platform connecting buyers and sellers of cannabis to places where it’s legal. Its aptly named utility token, BLUNT, acts as BudBlockz’ official native currency for buying, selling, and paying of service fees. BLUNT has a circulation limit of 420,000,000 and its price is currently parallel to Dogecoin (DOGE). It is a penny crypto now but its daily use since its founding in August 2022 estimates that it will rapidly grow to equal a Euro (EUR).
Aave is another blockchain with real world applications and that is money lending. Its decentralised platform lets borrowers and lenders meet then form an agreement through smart contracts. Every process will require a specific amount offered or requested, collateral scaling with the money lent, and a deadline for the borrower to follow.
The lender, meanwhile, is protected to always get their money back with interest on the due date. Aave is also the name of its native crypto token in the same name (AAVE) which can be used as the main utility token and basis for exchange in the platform.
What does the future hold for ETH?
Ethereum is the most promising blockchain for many reasons including having the most number of uses and the highest volatility. Buy some now at any of the top exchanges in the world or swap using dapps for ERC20 tokens. You can also use ETH to play fun Bitcasino live casino games and win them back double. Likewise, you can use a Bitcasino bonus to play for free. This way, you win ETH profit even if the game simply lets you break even.