Leading altcoin Ethereum is down more than 65% from its all-time high last year. However, financial expert RJ Fulton says the future vision of Ethereum is big. Crypto expert Motiur Rahman shares Bitcoin-linked altcoins that have a very high chance of rising in 2023. We have compiled the shares of experts for our readers.
The crypto world is cloudy right now, but the future of Ethereum is clear!
Bitcoin is the most valuable cryptocurrency by market cap. It also laid the foundation for all subsequent cryptocurrencies. However, the shock waves and impact created by Ethereum (ETH) are probably on par with Bitcoin. When Ethereum was created in 2015, it changed the game because of one key feature: smart contracts. With smart contracts, it is possible for developers to create applications on Ethereum that perform actions when certain conditions are met. This could be anything from automating banking processes or streamlining supply chain management. Thanks to these smart contracts, Ethereum gave rise to an entirely new cryptocurrency industry known as decentralized finance or DeFi, which is not possible with Bitcoin.
cryptocoin.comAs you follow, despite Ethereum’s innovation, it hasn’t been able to withstand the bear market of 2022. Since the beginning of the year, Ethereum has fallen more than 65%. It was worth around $500 in November 2020, and in November 2021 it finally reached a value of $4,600. After the astronomical rise, some sort of correction was probably inevitable. Still, despite the price drop this year, I believe Ethereum could one day return to these highs again.
Let’s dive a little deeper into the leading altcoin project
My opinion is based on a few numbers. Fortunately, Blockchain data is open source and publicly available. So we have access to data and metrics that show how widely Ethereum actually is. In the case of blockchain, the more it is used, the more its value tends to increase.
Let’s look at a statistic called Locked Total Value (TVL) to get started. This statistic is used to compare the total amount of money a Blockchain supports in DeFi. You can think of this as the market value of companies. Ethereum’s TVL is easily the largest among all other smart contract-enabled blockchains. It accounts for about 59% of all value in DeFi. Also, it is worth about $23 billion. The next closest is Tron with around $4 billion, representing 11% of DeFi’s value.
The fierce battle faced by any of these other rivals is probably insurmountable. Ethereum has a large ecosystem with most developers and apps. This makes it the gold standard for DeFi Blockchains. There is little doubt in my mind that Ethereum’s dominance of the market will likely only increase once competitors weed out.
Despite Ethereum’s track record of success, Blockchain is not a finished product. This year, Ethereum successfully completed its transition from PoW to a less energy-intensive PoS consensus mechanism known as The Merge. This move made headlines. Still, this was only one step towards Ethereum taking its final shape. Ethereum co-founder Vitalik Buterin said with The Merge that Ethereum is still only 55% complete.
Ethereum’s long-term potential cannot be ignored
To reach this hard 100%, Buterin and Ethereum developers want to add more updates and features so that one day Ethereum can be strong enough to ‘help all humanity’. To get there, some of the shortcomings that plague Blockchain, such as high transaction costs and slow speeds, need to be addressed. This is something that needs to be taken care of when sharding becomes available in 2023.
It’s hard to fathom how clearly Ethereum stands out from the competition despite only completing 55% of its completion. Imagine what could happen in the store when it reaches 100%. The fully functional version of Ethereum will run circles around its 2022 incarnation. Personally, this makes the low prices even more attractive today. While the current bear market may spook investors, it’s hard to ignore Ethereum’s long-term potential at these levels.
Bitcoin-linked altcoin projects with a very high chance to rise in 2023
Litecoin (LTC)
Yes, Litecoin is tied to Bitcoin. The developers created it from the original Bitcoin code. This is different from other coins forked from the Bitcoin Blockchain. Launched in 2011, Litecoin retains the Proof of Work consensus mechanism as the Bitcoin Blockchain. However, Blockchain uses the Scrypt hash algorithm, unlike the SHA-256 hash function for Bitcoin. Litecoin is also a faster Blockchain than Bitcoin.
Litecoin (LTC) is a potential bull candidate in 2023 due to its upcoming halving. According to estimates, the event will take place around July 2023. By the way, recent increases in LTC price are also linked to this. If market sentiment improves, LTC’s chances of rising and making big returns will double.
Bitcoin Cash (BCH)
If you are looking for a cryptocurrency that trades similarly to Bitcoin but is relatively cheaper, Bitcoin Cash (BCH) is a great option. Blockchain was forked from Bitcoin in 2017. The fork came after developers failed to agree on a way to handle the issues that arise in Bitcoin. The purpose of creating Bitcoin Cash was to increase the number of transactions per block and reduce fees. It has succeeded in achieving this goal. The return to the bull market will certainly be highlighted by Bitcoin’s price action.
Wrapped Bitcoin (WBTC)
WBTC is an ERC20 token. ERC20 represents tokens available on Ethereum. If you’re wondering why it’s called Wrapped Bitcoin, it’s because it’s associated with the Bitcoin Blockchain. The developers created Wrapped Bitcoin to allow Bitcoin holders to join the Ethereum Blockchain. Altcoin can be exchanged for BTC at a ratio of 1:1. This means you will get one BTC for every WBTC. Of course, WBTC is integrated with Ethereum’s smart contracts. Besides that, it has faster transfer capability than Bitcoin itself.
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