Nov 24, 2018 07:55 UTC
Nov 26, 2018 at 05:21 UTC
Is Ethereum Becoming More Popular Than Bitcoin?
Bitcoin was the first cryptocurrency to be introduced and to have stirred up a storm in the world of fintech. However, in recent times, a lot of competition seems to have caught up with the pioneering crypto, leading to questions regarding whether bitcoins or altcoins are more profitable. So one of the key cryptocurrencies that almost always trails after Bitcoin (currently positioned third, after Ripple) is Ethereum. Now we all know that the Ethereum blockchain is the most preferred one when it comes to developing enterprise blockchain networks and catering to a wide variety of use cases. Let’s find out if Ethereum is outshining Bitcoin when it comes to popularity.
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What Do Recent Trends Show?
If you take a look at Google Trends data and compare the search percentages of Bitcoin and Ethereum, you’ll see Bitcoin is still doing better than Ethereum in the US zone. Even in the recent times, when the search percentage has more or less plateaued, Bitcoin stays at a far higher level compared to Ethereum. This year has seen the crypto market suffer considerably, with the trends going bearish for most times. As a result, almost all cryptocurrencies are suffering in terms of general popularity. Even then, Bitcoin search percentage has remained around 7 or 8 percent while Ethereum search percentages have remained around 1 per cent.
However, if you take an individual country, like India, for example, however the trends are proving to be quite different. In the period between October’17 and February’18, it was seen that Ethereum surpassed the Bitcoin search percentage. As per the Jana internet provider, during this period, around 29.9% of the searches related to cryptocurrencies were about Bitcoin while 34.4% were about Ethereum.
What is The Mood Within the Crypto Industry?
However, on a global scale, the overall interest seems to be higher in Bitcoin, which is still the only cryptocurrency they have heard of for a lot of laymen. Within the crypto industry, though, the enthusiasm for Ethereum is on the rise. If you look at the cons and pros of Ethereum, you will understand how well Ethereum’s pros outweigh its disadvantages. Ethereum supports a host of use cases and a great deal of tech elements that make it easy for blockchain to be used for more and more purposes. Ethereum supports blockchain smart contracts, dApps or decentralized applications and DAOs or decentralized applications.
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Right now, Ether, the cryptocurrency of Ethereum, is steadily losing ground to Ripple. This, in no way, means that the Ethereum blockchain is suffering. While it does have competition from emerging platforms such as NEO, Ethereum isn’t suffering from the first mover disadvantage (where your opponents learn from your mistakes and enhance upon them) too much yet. In conclusion, there are many differences between Ethereum blockchain and Bitcoin blockchain but as of now, the Ethereum blockchain seems to he trumping the limited-use Bitcoin blockchain, even though Bitcoin as a cryptocurrency continues to do better.
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