A report was filed named the Cryptocurrencies: The Past, Present and Future. In this report, a lot of researchers used historical data and an algorithm to try and find predictions for the future. They noticed that Ethereum has some very grim times ahead and it will plummet by over $237 for every unit over the next month.
It’s true and fair to say that this year has been rough for cryptocurrencies, and that applies across the board. The market is feeling a lot of repercussions from the fears that have been generated by the fall in prices over the new year. There was also a lot of confusion when it came to regulations and even warnings. People stated that the cryptocurrency market is an empty bubble that has really taken its toll on the top trading tokens. Ethereum however may have suffered the most and since December it has lost well over 70% of its value.
Callum Blanchard is a data specialist and he worked on the report. He has stated that he wasn’t surprised at all by the findings and he understands that Ethereum is a main competitor of Bitcoin. This is because it allows blocks to be created much faster and investors are finding ways to create far more unique features from this.
The main reason why Ethereum stood out is because it could create blocks much more efficiently but when you compare it to Bitcoin Cash or even the transaction speed of Litecoin, you’ll soon find that just isn’t that special anymore. It has fallen way behind and there is no telling whether it will ever recover.
In this report however, Blanchard hasn’t even considered the fact that when Bitcoin Cash and even Ethereum were created, they were made to serve two completely different purposes. Comparing them both is like trying to compare an apple to an orange. Sure, they might be based on cryptography and even distributed ledgers but they have completely different programming languages. They also have different block times and different builds as well.
What’s even more to the point is that Bitcoin Cash has been created to try and boost the transaction speed of Bitcoin. This means that it could be used as a cash substitute. Ethereum however was created to try and facilitate applications and even peer contracts as well. The main and original purpose of Ethereum was to actually not act as any form of payment alternative at all. It was designed to try and help developers with their distributed applications.
One huge argument is that even though people say Bitcoin Cash has lead to a huge decline of Ethereum, there isn’t much to support this. Even if the two of them did compete for the same market, those who are buying BHC are trying to find a currency that will store value as well as one that can be used to buy a cup of coffee from time to time as well.