Ethereum remains by far the most popular smart contract blockchain.
Ethereum rivals such as BNB, ADA, SOL, AVAX and DOT have proliferated, each seeing huge price gains.
Markets may realize in the next several months that Ethereum is on course to become a global asset as adoption hits escape velocity, as the proof-of-stake transition transforms cash flows to realincome generation, and as environmental concerns ease,” Jamie Douglas Coutts, Bloomberg Intelligence senior market structure analyst.
Ethereum has outperformed bitcoin over the last week and this move looks like it may continue.
Ethereum has also begun to become deflationary after the London Hard Fork EIP-1559 in Aug’2021 with more coins being “burnt” than are distributed to so-called miners who verify transactions on the blockchain.
Ethereum is gearing up to a long-awaited migration from proof-of-work, the validation model used by bitcoin, to proof-of-stake—expected to help the network run more efficiently and use less electricity. After the transition to proof-of-stake, expected within months, Ethereum holders will instead “stake” their coins to confirm transactions. Enthusiasm has started to mount again as it prepares for its long-awaited merge with Beacon chain, completing the protocol’s transition to an energy-efficient proof-of-stake consensus mechanism. This will radically change the supply dynamics of Ethereum such that total emissions may become deflationary, likely acting as a catalyst for upside price momentum during the second half of 2022.
In terms of scale, Ethereum is 2.8x larger than the second-biggest platform, Polkadot, and maintains the largest ecosystem of tools, application and protocols.
At the time of writing ETH is trading at $3050. Experts believe the price to at least double till Q4 2022.