Bitcoin (BTC) is the most well-known coin in most parts of the world when compared to other altcoins, especially from the third quarter of 2017 until early October 2017. But at present, its popularity is fading with Ethereum (ETH) taking over for the following reasons:
1) Increase in trading pair
2) Increased online presence of founder
3) Increased profitability of mining processor
4) Profitability of lending platform
Increase in trading pair
Before the advent of cryptocurrency tokens that are ERC20 compatible, trading pairs on major exchanges were with Bitcoin (BTC). Presently, one of the conditions for a coin or token to be listed in Coinmarketcap, which is the most known website where information about different crypto coins and tokens can be monitored and their performance analyzed, is that the trading volume must be at least $10,000. Many exchanges are now ETH affiliated in the sense that tokens are traded against ETH. This has helped to raise the popularity of ETH since it is the crypto most commonly used to raise funds for Initial Coin Offerings (ICO).
Increased online presence of founder
The founder of Ethereum (ETH), Vitalik Buterin, who is one of the youngest billionaires to rise from the crypto world, has a strong online presence when compared to the founder of Bitcoin (BTC), Satoshi Nakamoto. Buterin is known to often comment and share major happenings and developments in the crypto world, such as ETH joining Lightning Networks like Lumen and his poll on Twitter (NYSE:TWTR) asking if ASIC miners should be obsolete in Ethereum mining. This is sparking an interest for those who might not have known much, or anything, about Ethereum (ETH) previously.
Increased profitability of miners
Investors move towards the side of profits both for long and short-term investment. The mining cost for BTC is increasing, as a result, investors are moving in the direction of ETH which is facilitating more profit.
Credibility of lending platform
Some lending and investing platforms who used Bitcoin (BTC) for transactions are closing up, with some promising to return money to its investors. Presently, Ethlend, a platform using ETH, is doing just fine and providing better interest to investors. This has also increased the popularity of ETH.
The question that remains unanswered is if these four factors that have led to an increase in the popularity of ETH will also translate to increase in its value?
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