Which cryptocurrency will explode in 2021? What Coins Can You Buy Now To Grow Big In The Near Future? What crypto is the next best thing after bitcoin?
Many who are interested in capitalizing on the historic course of the past few months have asked these and more questions.
Well, if HIVE Blockchain Executive Chairman Frank Holmes, CEO and CIO of US Global Investors is to believe, the answer to those questions is Ethereum. During an interview with Kitco News, Holmes suggested that ETH will be the next cryptocurrency to explode – from silver to bitcoin’s gold. He mean,
“When gold hits a 50-day moving average and it rises 15 to 20 percent, silver suddenly rises 30 percent. Ethereum to Bitcoin is like silver to gold. Bitcoin makes the big load, then Ethereum suddenly explodes upwards. This is the sweet spot for us. “
Although BTC is used as a store of value, ETH has more use cases thanks to the smart contract features in its blockchain. Holmes said:
“Ethereum has a lot more uses than Bitcoin, just like silver … 20% of silver demand is solar. It has a green footprint; Viruses can’t live on silver, it has many medical uses. The same with Ethereum; it is used for DeFi, for NFTs. “
However, there are certain concerns about the altcoin. HIVE Blockchain, the first publicly traded crypto mining company listed on the Toronto Venture Exchange, faced the same issues.
“The biggest challenge we have in mining for Ethereum is that so many young people have GPU chips for games and they are all mining Ethereum so we can get fewer coins. Our prices have increased dramatically compared to a year ago, but the machines that used to produce 300 Ethereum a day when Ethereum was $ 300 are now producing 80 a day. “
The main concern, however, was still that moving to a proof-of-stake (PoS) consensus mechanism might help “shrink the supply outside” but not “prevent the demand and people from getting it.” Looking for”.
Nevertheless, he is optimistic about ETH.
Still bleeding …
Unfortunately, ETH has suffered a 4% correction in the past 24 hours. At press time, it was near $ 3,400. This may now be possible due to the recent outflows in digital asset investment products. The same was highlighted in a recently released CoinShares report.
The report said that while bitcoin inflows showed a strong positive trend, Ethereum suffered a slight loss of $ 14 million as altcoins were withdrawn.
With Bitcoin showing a strong price rally at the time of going to press, Ethereum’s market share is steadily declining. So Ethereum is still weak from a price action perspective, but the future prospects still seem good.