Looking for the Best Cryptocurrencies to Invest? 3 Reasons Why You Should Invest In Ethereum (ETH)





There are thousands of crypto-currencies, but few can compete with the ecosystem or activity of Ethereum (ETH 0.68%). With a market capitalization close to $190 billion, Ethereum is second only to Bitcoin (CRYPTO: BTC) in terms of market value, and it is by far the largest smart contract platform in the world. Here are three main reasons why all investors should consider getting exposure to Ethereum.

Ethereum has a deep ecosystem

Neil Patel: Launched in 2015, Ethereum is the world’s first working blockchain, enabling the ability to build smart contracts on top of the network. Smart contracts are computer programs that automatically execute when two unrelated parties meet the terms of a particular transaction. On the same subject : These 3 promising cryptos that Traders are watching closely at the moment: Ethereum (ETH), UNUS SED LEO (LEO), and Big Eyes (BIG). The need for intermediaries is completely eliminated. For example, consider guarantees that become free of charge once a loan is fully repaid. This is all possible through software called the Ethereum Virtual Machine, which runs these smart contracts.

This setup is completely different from bitcoin, which was created for the sole purpose of being a peer-to-peer digital currency system. And unsurprisingly, this is why Ethereum has attracted the most engineers and IT people working on expanding the platform. According to venture capital firm Electric Capital, by the end of 2021, more than 4,000 monthly active developers were working on Ethereum, with 20% of new Web3 developers joining this blockchain. It is an important part.

As a result, Ethereum now has the largest ecosystem of decentralized applications (dApps) of any other cryptocurrency. According to the non-profit crypto directory State of the DApps, nearly 3,000 dApps run on Ethereum. They can have a variety of use cases, ranging from decentralized financial protocols and gaming to social media and non-fungible token markets. And while the overall market has taken a beating in 2022, $36.5 million in dApps trading volume has taken place on Ethereum in the past 24 hours (as of this writing).

The incredibly deep ecosystem that surrounds Ethereum increases its chances of continuing to create real-world utility and greater user adoption over time. And that is a compelling reason to buy this cryptocurrency and hold it for the long haul.

Ethereum is about to get even better

RJ Fulton: Of the plethora of reasons why cryptocurrency investors should make sure to own Ethereum, perhaps the most compelling is an event slated to launch in a few weeks. The date is not concrete, but between September 16 and 20, Ethereum will move from the slow and energy-intensive proof-of-work consensus mechanism to a faster and more efficient proof-of-stake consensus mechanism, known under the name of fusion. Read also: Sandbox, ApeCoin and Persystic Token open up new opportunities in the cryptocurrency market. It is estimated that the blockchain will use 99% less energy once it fully transitions to proof of stake.

It might be a bit of a stretch, but the merger is arguably one of the most important events in cryptocurrency history. Considering the merger has been in development for the better part of the past eight years and finally has an end in sight, it’s a little hard to fathom that this much-anticipated day is at hand. .

Once The Merge is fully rolled out, it is hoped that Ethereum will become more conducive to app development. On the current proof-of-work mechanism, network charges are high and speeds can be slow, hampering the efforts of smart contract developers.

The price of Ethereum has skyrocketed over the past two and a half years, mainly due to the great popularity of the blockchain, which has become a favorite among developers using Ethereum smart contracts to create deFi applications. But this growing popularity has made the network congested and expensive to use, justifying a necessary change in proof of work. When Ethereum moves to proof-of-stake, the blockchain should be able to support more applications without sacrificing speed or cost, which will hopefully bring even more utility to the network and better returns for investors.

In anticipation of the merger, it seems that Ethereum’s popularity continues to rise. Since the start of 2022, Ethereum has added 142,000 validators, which is an increase of more than 50%. Also, it seems that more and more users are creating wallets compatible with Ethereum. In just eight months, more than 20 million new wallet addresses were created.

If Ethereum has been able to achieve over 1000% returns since 2020 thanks to the clumsy proof-of-work consensus mechanism, imagine the long-term value Ethereum will hold once it fully transitions to the proof mechanism. simplified issue.

Ethereum remains the king of NFTs

Michael Byrne: While blockchains like Solana (CRYPTO:SOL) and Polygon (CRYPTO:MATIC) have gained traction in the world of non-fungible tokens (NFTs), Ethereum remains the 800-pound gorilla in the room when it comes to acts of NFT. Data from CryptoSlam, an NFT data aggregator, shows that Ethereum’s NFT sales volume dwarfs that of all other blockchains. On the same subject : Towards the end of crypto mining? Here is the how and why!. Ethereum’s NFTs have accounted for over $29 billion in all-time sales, compared to around $4 billion for second-placed Ronin (CRYPTO: RON) (which is almost entirely comprised of Axie Infinity sales), $2.5 billion for Solana, and nearly $1.1 billion for Flow (CRYPTO: FLOW), which is mostly thanks to NBA Top Shot).

While NFT sales on Ronin or Flow are more or less dominated by a high-profile project, Ethereum can boast of having a deep and well-diversified NFT market, with 11 different collections that have generated more than of $500 million since its inception. As the original blockchain that introduced smart contracts to the world and enabled the advent of NFTs, NFTs on Ethereum have a cachet that other blockchains have yet to match, and individual coins from collectibles like CryptoPunks and Bored Ape Yacht Club have regularly sold for hundreds of thousands of dollars or more. These two collections have a collective value of nearly $3 billion.

Ethereum NFTs have created a vast ecosystem of their own. NFT marketplace OpenSea, which was originally exclusively for Ethereum NFTs, was valued at $13 billion in its latest funding round. Magic Eden, which was previously exclusively for Solana NFTs, reached unicorn status with a valuation of $1.6 billion in its latest seed round and recently added Ethereum NFTs to its platform. If you are optimistic about the growth of NFTs, Ethereum is a must-have value.

With a rich ecosystem, a major upgrade in the form of the merger, and a dominant position in NFTs, Ethereum is worth considering by all investors.

💎 Open an account for free to Invest in crypto!

CoinHouse allows you to easily invest in crypto-assets. Creating an account is free and takes just a few simple steps.

📈 Trade cryptos online in just a few clicks!

BitPanda allows you to trade crypto easily online. Creating an account is fast, free and very simple.

Be vigilant and consult your financial adviser before making any investment decision. Mirror-Mag cannot be held responsible in the event of bad investments. Before using any third-party service, you should do your own research.

Thomas E.
The latest articles by Thomas E. (see everything)







We wish to give thanks to the writer of this write-up for this awesome material

Looking for the Best Cryptocurrencies to Invest? 3 Reasons Why You Should Invest In Ethereum (ETH)


You can view our social media profiles here , as well as other pages related to them here.https://metfabtech.com/related-pages/