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Will Ethereum Prices Overtake Bitcoin?

Bitcoin has had a bit of a turbulent time recently, hitting the headlines just last week thanks to a price crash that saw over 50 per cent wiped from its all-time high.

And it seems that the cryptocurrency’s woes may not be over just yet, with co-founder of investment firm Guggenheim Partners Todd Morley explaining in a Bloomberg TV interview that he now believes ethereum to be “where the action is”, so if you’re thinking of investing, this might be a better option right now.

The expert was quoted by Forbes as saying: “Technologies that began, as described as bitcoin, are moving very rapidly into other parts of the world. The app developers of ethereum are growing at 20x for the past six years straight, much, much faster than Moore’s Law, so that’s where the action is.”

Moore’s Law states that computing speeds double every few years, along with the number of transistors per silicon chip.

Ethereum prices have rallied over the last few months and far outpaced those of bitcoin’s, with the former adding nearly 1,000 per cent. In contrast, bitcoin added 300 per cent.

Similar assertions to Mr Morley’s were made by Goldman Sachs, which said back in May that ethereum had a “high chance” of overtaking bitcoin, describing it as the “Amazon of information”.

Following the most recent bitcoin price crash, signs of recovery are now being seen, with bitcoin up over eight per cent and other cryptocurrencies, including ethereum, seeing even bigger price gains.

All the top ten most valuable cryptocurrencies climbed significantly, backing up the analysts’ predictions that bitcoin and its rivals will continue to perform well this year, despite the price crash seen in May.

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