Ethereum is one of the world’s leading cryptocurrencies. It’s second only to Bitcoin by market cap and popularity. After going live in July 2015, the currency has continued to grow in multiple ways, and now traders expect the long-awaited Ethereum breakout to occur sooner rather than later.
Ethereum’s unique selling point in many respects was that it was the first and only general-purpose blockchain on the planet. And that has remained the case until recently, but now it faces stiff competition, resulting in those in the crypto scene questioning where Ethereum’s future lies, and what’s to come in the next five years. And, whether it will remain the top dog in the general-purpose blockchain game.
There has always been high hopes for this cryptocurrency, which is reflected in what everyone sees as achievable goals and real potential. This is especially the case where scaling and proof-of-stake are concerned. There’s long been a determination to develop the network further so that more people can make use of it, with this scaling up expected to take place over the next five years. Ethereum 2.0 will allow the currency to flourish more than ever while also embracing a more significant user base.
As money or indeed a currency, there is still a lot of work required to fulfil its true potential. This is in spite of how relatively easy it already is to set up an Ethereum wallet at Luno and other trusted platforms. The next five years will see severe challenges due to its monetary identity, an area in which the currency continues to struggle.
Therefore, this will be a crucial area of focus for Ethereum over the next several years, as they look to firmly establish themselves as a digital currency, rather than a run of the mill utility coin. Twinning this approach with Ethereum 2.0 could definitely put it back on the map, which could see the gap between ETH and Bitcoin smaller than ever.
For many, it’s the progress in the previous years which has had the most significant impact, with Ethereum firmly established as one of the leaders in the digital world. Investors believe that Ethereum has come a long way recently, with improvements made to aide developers to build. ETH is, however, still recognised as a work in progress, and rightly so, but many experts have been eager to point out that the advancements made are significant.
There have also been murmurings about what to expect from Ethereum price-wise in the future, although trying to predict the next five years is somewhat of a difficult task. However, there is a general consensus among experts that over the long term we should expect ETH to hit the $30,000 mark. And some will argue this belief may not far fetched as the demand for Ethereum has been rising steadily. And this is a great indicator, primarily as crypto prices work on a supply and demand system.
The general purpose blockchain has and continues to be the main draw, and this is the reason why a dramatic decline in price at any point is unlikely, meaning Ethereum is on the up and will be for the next five years at least.