Even though Bitcoin was grabbing most of the crypto headlines last year, the whole virtual currency industry grew in leaps and bounds in 2017.
Ethereum started out the year trading at about $10 and now, one year later, is sitting at just under $1,300 according to CoinMarketCap. It is currently back in second place, behind Bitcoin of course, with a market cap of just over $120k.
Ethereum might not be leading the crypto race in terms of dollars, but it is surging ahead in the industry in another way. Due to its revolutionary smart contract system, the Ethereum Blockchain is the go-to network for ICOs. This is because its underlying technology can be used in the creation of customized decentralized applications (dapp).
However, according to Steven Nerayoff, who is an Ethereum advisor, its Blockchain Technology is not just reserved for cryptocurrencies:
“You’re seeing a tremendous amount of growth across a wide variety of industries. Fintech is actually the natural area, but now you’re seeing it becoming increasingly more creative. You find projects in the oil and gas industry, you’re finding government using it in their applications, you’re seeing it in gaming, all kinds of different areas.”
One of the biggest Ethereum dapps for last year had to have been CryptoKitties, a prime example of monetizing blockchain technology. The blockchain-based game allows users to breed, raise and trade their CryptoKitties. The Ethereum network blew up when the game launched, and experienced a huge amount of strain thanks to the game’s popularity.
So, as you can see, the Ethereum blockchain is not just for business either, it can be used for leisure-based activities too.
However, according to Nerayoff, as Ethereum is integrated more and more into our daily lives, its trading price will undoubtedly increase:
“What you’re seeing with Ethereum is an exponential increase in the number of projects. There are billions of dollars being poured into the ecosystem right now, maybe 10 times more projects this year than last year, which could easily lead to a doubling, probably a tripling in price by the end of the year.”
Massive growth isn’t just limited to Ethereum though. Nerayoff believes that the whole crypto industry will continue to grow and expand:
“The entire space is increasing. There is huge interest by the public and there are more areas in which the public can invest, even in Bitcoin, so you could just see an expansion in the entire space.”
As the industry grows, and inevitably results in global acceptance and adoption, now is the time to educate ourselves on the benefits of Blockchain Technology and how it can help improve and streamline business processes over a range of sectors and industries.