Does Ethereum dominate the market due to the Cryptocurrency Market Crash?

The market has been highly volatile in recent weeks as a result of the sudden crash in all cryptocurrencies.

Cryptocurrency has been a source of news in recent years. The benefits and advantages of the crypto market have wowed and encouraged people all over the world. However, the market has been highly volatile in recent weeks as a result of the sudden crash in all cryptocurrencies, serving as a reminder of the risks associated with cryptocurrencies. In simple terms, the entire market was severely crashed. As you are aware the leading cryptocurrency in the town is Bitcoin, while the 2nd largest cryptocurrency is Ethereum. In this context, we are looking at the near future of Ethereum, impacted by the sudden cryptocurrency market crash.

Though Bitcoin is the leading cryptocurrency, the Ethereum platform is more supportive for many external applications. This is the primary reason for forecasting Ethereum’s future rather than Bitcoin’s in our discussion. Moreover, as per the expert predictions on the current scenario, Ethereum has a huge winning chance of dominating the market over Bitcoin.

Why does Ethereum have positive growth even in the recent cryptocurrency market crash?

Ethereum is highly supportive not only for smart contracts but in creating various new application platforms. Further, most of the decentralized finance applications are built on top of the Ethereum network. Meanwhile, the hottest topic in the industry is Non-Fungible Tokens (NFTs). Most of the NFTs are also issued using Ethereum tokens. Therefore, Ethereum has shown more successful growth over the past 12 months. Even in the recent cryptocurrency market crash, Ethereum shows a high surviving rate compared to Bitcoin.

This scenario was explained by one of the experts, Kosala Hemachandra, the chief executive of MyEtherWallet. According to his explanations, Ethereum is not just a valued token, it also fuels all use cases built on top of the ETH blockchain such as DeFi, NFT applications.

Due to this cooperative and collaborative environment of Ethereum, it is forecasted that Ethereum would discover a newer path for better investments in the cryptocurrency industry.

  • The discussion above is not financial advices, investment advices, or taxing. It is a basic study on cryptocurrency which is done based on resourcing sources.

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