Sure, Bitcoin is still dominating the market and it’s considered by people as the king of cryptocurrencies, but there are a lot of people who still believe that Ethereum, the second most valuable coin, in terms of market cap, has all the chances of becoming the real winner.
Among them is Alexis Ohanian, one of Reddit’s co-founders, who is now an investor in various firms, including Coinbase, through his venture capital firm, Initialized Capital.
“I’m most bullish about Ethereum simply because people are actually building on it,” Alexis Ohanian said for Fortune.
Developers love Ethereum’s blockchain
Considering that developers have found it a bit difficult to create apps based on the Bitcoin blockchain, while Ethereum is way more flexible, the investor believes that the price of ETH has the potential of rising faster than the price of Bitcoin in 2018.
Specifically, Alexis Ohanian thinks that while the price of BTC will – most likely – double by the end of the years, reaching its all-time high of almost $20,000, Ethereum could reach up to 21 times its current value. We’re talking about a scenario in which it reaches $15,000 by December 31st. Currently, one BTC is valued at about $9,100, while ETH is trading at around $690.
Until now, developers have relied on Ethereum to create various apps. One of the most famous is CryptoKitties, a blockchain-based game in which users take care of virtual cats. However, there are way more serious applications as well. J.P. Morgan, for example, has been testing technology based on Ethereum.
There’s a strong competition!
Ethereum does have some serious competitors, as you would probably expect when it comes to devs looking for blockchains on which they can build their own applications.
One of the best examples is Hyperledger, whose open-sourced blockchain-based framework, Fabric, is used by projects such as TrustChain. The latter is a blockchain project used for tracking diamonds. Also, let’s not forget that Walmart has also used Hyperledger Fabric, in order to test blockchain technology to track their food supply.
However, there’s one big question: is Alexis Ohanian right? Will Ethereum be the main winner this year?