For years, Ethereum has largely been viewed as a platform for software programs to showcase their prowess in developing dApps for the blockchain industry. Not much attention was paid to the crypto’s price especially before the bull run of late 2017. Now, Grayscale says that Ethereum is garnering more attention even as Bitcoin graces the spotlight for its recent price gains.
Grayscale Investments LLC is a crypto investments fund managing crypto assets for customers. It mainly focuses on Bitcoin and Ethereum investments. According to Grayscale’s managing director, Michael Sonnenshein, Ethereum is getting more attention despite the fact that Bitcoin has long been the favored investment option for investors. Notably, Ethereum is the most active blockchain network in the industry.
Growing Conviction
While expressing his views during an interview, Michael pointed out that the crypto industry is currently seeing new investors who have a particular fixation on Ethereum. A lot of these investors either take ETH as the first investment option or go all-in with it as their only crypto investment. This is a sign that people are now beginning to look at Ethereum just like Bitcoin maximalists have a basic attraction to BTC. This has accorded Ethereum stronger support as a viable asset class.
Also, the fact that the network was successful in getting users to pool enough currency to support an upgrade means that it still maintains a good and respectable status as a leader. A recent spike in DeFi has greatly contributed to this goal.
Bitcoin’s 170% Vs Ethereum’s 360%
Bitcoin is up 170% since the start of 2020, and that’s what has been causing a lot of buzz in the market. However, Ethereum has performed way better, having locked in a cool 360% gain since the beginning of the year. The rise of DeFi platforms running on the Ethereum blockchain has powered this hike.
The crypto space has been known to be volatile, and that explains why ETH is currently trading at around $595, a figure less than the $937 high of February 2018. Still, the fact that the network has remained one of the top in the industry means that its power is comparable to that of Bitcoin. As Michael puts it, ”Ethereum has along the same lines of the staying power than Bitcoin has.”
