The emergence of digital assets has been a revelation. They have transcended the investment space and introduced crowds of new investors. However, it wouldn’t be right to suggest that all these investors understand the benefits of cryptocurrency or the volatility they entail.
There’s no doubting the innovations that several cryptocurrencies have brought into the world of finance. Bitcoin is the most well-known and prominent cryptocurrency. You can use it for a wide range of purposes, including gambling.
Some gamblers may not realize you can use the second biggest cryptocurrency by market cap, Ethereum, to place your bets as well. Cryptocurrency gambling isn’t the niche area of the industry it used to be. You can find a list of Ethereum betting sites to meet your specific gambling needs.
The origins of Ethereum
Ethereum is a revolutionary technology that provides the basis for many digital assets and smart contracts. It was created in 2015 by Vitalik Buterin, a Russian-Canadian programmer, and has since become one of the most popular cryptocurrencies in the world.
It would be unfair to give Buterin the full credit as he co-created it with other prominent and revolutionary designers, including Gavin Wood, Charles Hoskinson, Anthony Di Iorio and Joseph Lubin. However, Vitalik is now the face of this project.
Ethereum is based on blockchain technology, which allows users to securely store and transfer digital assets without requiring a third-party intermediary. This is an essential factor in the function of cryptocurrencies and blockchains.
Ethereum expanded upon this dynamic to enable developers to create decentralized applications (dApps) that can be used for various purposes, including financial services, gaming and more.
The rise of Ethereum
As the world’s second-largest cryptocurrency by market cap, Ethereum enjoys billions of dollars’ worth of daily activity. Even though other cryptocurrency projects offer similar services to Ethereum, it maintains its phenomenal reputation for several reasons.
Projects such as Solana (SOL) have entered the space and can settle transactions far more quickly than Ethereum. However, the security and reliability of Ethereum’s blockchain go a long way to explain why it remains so popular.
Even though Ethereum has been criticized heavily for its high gas fees for large transactions, such as expensive NFTs, it is still the blockchain of choice.
In 2017, the Enterprise Ethereum Alliance (EEA) was formed. This alliance includes dozens of giant corporations, including Samsung, Microsoft, JP Morgan, the National Bank of Canada and Deloitte.
The announcement of this alliance coincided with the 2017 bull run and propelled Ethereum into the stratosphere of cryptocurrencies. From this stage onwards, it has been the second-largest cryptocurrency and has maintained this position for over a decade. Many experts and analysts believe Ethereum will one day exceed Bitcoin in total market cap.
2021 bull run
The second bull run led to Ethereum consolidating its position as the top altcoin, surpassing an all-time high price of over $4,000. The explosion of NFTs and the fact that many projects use the blockchain to launch their projects due to its reliability is part of the reason that the cryptocurrency continues to excel.
2022 was a sobering year for many investors and analysts in the digital asset space. Although there’s been a reasonably positive start to 2023, there’s still uncertainty regarding many cryptocurrencies.
Many commentators have speculated, in the event of market capitulation, that many cryptocurrencies will not survive. Despite this, two digital assets that would be set to survive in an actual cryptocurrency bear market would be Bitcoin and Ethereum.
Conclusion
A profitable future isn’t promised to any asset, especially those operating in cryptocurrency. SEC chief Gary Gensler has stated that he believes Ethereum is a security. No surprises there really, as he seems to believe every cryptocurrency is a security.
This rhetoric from a highly influential figure within one of the most significant regulatory agencies does spell uncertainty. It could push most major cryptocurrency projects out of the United States. While cryptocurrencies such as Ethereum should survive, the transition will be turbulent.
People are still determining what the future holds for such a volatile market. Ethereum is at the summit of this industry. It finds itself more in the firing line but also simultaneously insulated. This is because it has more exposure to institutional investment instruments, so market volatility is better managed.
Its reputation as a highly reliable blockchain and as the springboard for hundreds of other projects means it carries much more weight in the industry. Additionally, with such a forward-thinking team at the helm, there will likely be more innovations to come from this groundbreaking cryptocurrency.