In a recent report by the Wall Street titan Goldman Sachs, the company stated that Ethereum’s increasing popularity could lead it to become the dominant digital store of value. The Wall Street titan noted to its clients on Tuesday that Ethereum is the blockchain with the highest real use potential, thus implying the cryptocurrency could become the dominant cryptocurrency by market cap soon enough.
Experts at Goldman Sachs have predicted Ethereum’s prospects and have stated that the total market cap of Ether could overtake the total market for the most dominant cryptocurrency Bitcoin. According to a report by Business Insider, Ether currently stands as the digital asset with the highest real use potential. The platform on which Ether operates is the most reputedly developed platform established for smart contract applications, Business Insider reported.
Analysts at Goldman Sachs have also taken note of Bitcoin’s first-mover advantage, which has provided the leading cryptocurrency with a stronger brand. Conversely, analysts also believe that Bitcoin lacks certain usage that Ether facilities, and it lags in transaction speeds making it slower than Ether. Bitcoin’s focus on earning money and network security put it behind Ethereum in terms of functionality; the leading cryptocurrency lacks the same functionality level as Ether.
Despite being a younger network, Ethereum has grown at a faster rate compared to Bitcoin. Ethereum rose up by 856% in the past year, while Bitcoin managed to grow by 261% in the same period. Alex Mashinsky, the founder and CEO of Celsius Network, a crypto depository, and lending company, has also taken note of Ether’s potential compared to bitcoin. He told Kitco News on Monday that Ethereum has already overtaken Bitcoin in terms of holdings among platform users, and stated the cryptocurrency will do so in the upcoming years.