Bitcoin and Ethereum are both receiving a lot of attention from the market and both have seen enormous gains of late. Yet there are many who are confused as to the similarities or differences between the two cryptocurrencies.
Both are open, borderless and permissionless which is allowing for the explosion of innovation we are currently witnessing however, Bitcoin and Ethereum have different paths and thus different applications. Both are to be celebrated.
Watch this video by Andreas Antonopoulos – The Lion and the Shark: Divergent Evolution in Cryptocurrency
Bitcoin value has grown significantly in 2017 and strong fundamentals will drive the value up in the longer term. Bitcoin adoption continues as mainstream media report on the cryptocurrency daily and since Japan made bitcoin a legal payment system on 1 April 2017, the bitcoin price has been soaring as well as causing a domino effect with other countries making plans to follow suit. The blockchain technology behind bitcoin is being touted as the main technological innovation of Bitcoin that will change the world. The Blockchain is public and is proof of all the transactions on the network.
The Bitcoin market cap is currently at $37,554,165,880 with a circulating supply of 16,360,762. There will only ever be 21 million bitcoin created – as the supply deminishes and demand increases, the value will increase. The more liquid the bitcoin market becomes, bigger investors will be attracted to invest and get involved. Note that Bitcoin is divisible to 8 decimal places – who knows how much a “bit” or “satoshi” may be worth in future. Make sure you look after your bits!
Bitcoin is a store of value however, in terms of a major asset class value, the bitcoin market cap as a percentage is still extremely small. Gold has an estimated market cap of around USD 7.5 trillion, more than 200 times than that of bitcoin.
Hold one… We haven’t seen anything yet.
Ethereum value has seen an astronomical rise in 2017 which could be attributed to the launch of the Enterprise Ethereum Alliance early in the year, and the adoption by businesses as well as individuals. Taken from their website, “Enterprise Ethereum Alliance connects Fortune 500 enterprises, startups, academics, and technology vendors with Ethereum subject matter experts. Together, we will learn from and build upon the only smart contract supporting blockchain currently running in real-world production – Ethereum – to define enterprise-grade software capable of handling the most complex, highly demanding applications at the speed of business.”
The Ethereum market cap currently is $19,464,619,135 with a circulating supply of 92,056,541 – significantly more than Bitcoin. Ethereum value continues to grow!
Use the Coin Exchange as an easy way to exchange Bitcoin for Ethereum and vice versa.
What are your thoughts on bitcoin and ethereum? Will ethereum’s price catch up with bitcoin? Add your comment below, we would love to hear from you.
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