The explosion in bitcoin and cryptocurrency prices has catapulted digital assets into orbit this year, with the crypto market's performance demanding Wall Street's attention.
Bitcoin's rally, adding almost 300% to the bitcoin price over the last 12 months, has been dwarfed by Ethereum, the second-largest cryptocurrency after bitcoin by value. The Ethereum price has added some 800% since this time last year.
Now, as those in the cryptocurrency industry try to forecast the market's direction, analysts at Wall Street giant Goldman Sachs has predicted Ethereum has the potential to eclipse bitcoin in the coming years—and warned the extreme crypto price volatility means it can't compete directly as a safe haven asset like gold.
Ethereum's ether token "currently looks like the cryptocurrency with the highest real use potential as Ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications," Goldman Sachs researchers wrote in a note to clients this week, first reported by Business Insider.
The future looks great for Ethereum, despite the competition of Cardano, which remains my favorite project.
Take a look at our chart, with a simple demand zone and an all time trend line.
Buy now or at 1285?
Bitcoin's rally, adding almost 300% to the bitcoin price over the last 12 months, has been dwarfed by Ethereum, the second-largest cryptocurrency after bitcoin by value. The Ethereum price has added some 800% since this time last year.
Now, as those in the cryptocurrency industry try to forecast the market's direction, analysts at Wall Street giant Goldman Sachs has predicted Ethereum has the potential to eclipse bitcoin in the coming years—and warned the extreme crypto price volatility means it can't compete directly as a safe haven asset like gold.
Ethereum's ether token "currently looks like the cryptocurrency with the highest real use potential as Ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications," Goldman Sachs researchers wrote in a note to clients this week, first reported by Business Insider.
The future looks great for Ethereum, despite the competition of Cardano, which remains my favorite project.
Take a look at our chart, with a simple demand zone and an all time trend line.
Buy now or at 1285?
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