Bitcoin is bullish again. After a bearish month in June, Bitcoin is now able to recover slowly with hints of a short-term bullish trend. In fact, many believe that Bitcoin is approaching closer towards $7,000. During its peak, it was able to go up by as much as 2,000% last year almost hitting almost $20,000. However, there are those who believe that Ethereum is a better investment than Bitcoin.
A new data coming from a New York-based law company Foley and Lardner conducted a survey among investors what they think is the best bet. Among the options included top cryptocurrencies such as Bitcoin, Dash, Monero, and Ethereum.
Among the questions included which cryptocurrency provides the best investment opportunity? 38% went for Ethereum while 35% thinks that it is still Bitcoin. Though the lead by which investors who answered Ethereum is quite thin, it is worth mentioning that Ethereum is only a three-year-old cryptocurrency that is the foundation of decentralized applications today.
Currently, Ethereum has the second largest share in today’s crypto market. Bitcoin has 38.7% while Ethereum has 17.4% Both cryptocurrencies were recently named by US Security and Exchange Commission as commodities which means that laws applied to stocks will not be applicable to both Bitcoin and Ethereum.
An Ambitious Roadmap?
Vitalik Buterin plotted an ambitious roadmap for Ethereum. An academic study from Cornell University has mentioned that there are more diverse Ethereum network nodes in contrast to that of Bitcoin nodes. The study also pointed out that Ethereum has a better variance to miners. It allows smaller miners to mine the cryptocurrency. The Ethereum community is fast making rapid changes that could boost the overall security within the network.
Improving the security within the network is a must. There was a report wherein hackers were able to steal $400 million worth of ICO tokens, most of which were Ethereum-based. There are also many Ethereum wallets that appear to have some issues regarding its security. And because of these issues, it is important that Ethereum address these things.
Ethereum Futures Contract?
One of the things that make Bitcoin different is the fact that there is a Bitcoin futures market. This is something that has been noticed by Wall Street Veteran Jill Carlson. However, it is a possibility that there is going to be an Ethereum futures contract in the near future.
One of Google’s Founder Mining Ethereum
In fact, the popularity of Ethereum is already getting the attention of prominent tech entrepreneurs such as Sergey Brin who is one of Google’s co-founders. He mentioned that “A year or two ago my son insisted that we needed to get a gaming PC”. He also mentioned that “I told him if we get a gaming PC we have to mine cryptocurrency. So we got an Ethereum miner on there and we’ve been making a few pennies and dollars since”.
It is undeniable how popular cryptocurrencies are. Both Bitcoin and Ethereum were able to make it to the top of the crypto market. However, it is still too early to tell whether Bitcoin or Ethereum will end up as the top player in the near future.