The turmoil in the value of cryptocurrencies has taken over the markets in recent weeks, with Ethereum, the largest cryptocurrency of the moment after bitcoin, wasting around 50% of its value.

Now, Todd Morley, co-founder and former executive of investment giant Guggenheim Partners, which has an investor and entrepreneur in the crypto and blockchain space, said the idea that Ethereum had “a much higher utility” than bitcoin, and is “where the inventory is. . “

“The technologies that have started, as described as bitcoin, are moving very temporarily to other parts of the world. Ethereum application developers are developing 20 times in the last six consecutive years, much, much faster than Moore’s Law, so that’s where the action is. “

Moore’s Law, invented by engineer Gordon Moore in 1965, postulates that computational speeds double every two years, as well as the number of transistors compatible with the silicon chip.

Over the more than 12 months, the popularity of so-called decentralized finance (cryptocurrency generation built on top of the Ethereum network to recreate classic monetary tools like loans and interest and designed to update the role of banks with blockchain-based protocols) has skyrocketed. the ethereum worth rocket.

Meanwhile, the meteoric popularity of non-fungible tokens (NFT), widely issued on the ethereum blockchain, to digitize art and collectibles has added an ethereum use case.

The rebound in Ethereum’s value in recent months has far surpassed that of Bitcoin, with Ethereum adding nearly 1000% to Bitcoin’s 300%, even with the recent drop in Ethereum values. , has risen to nearly $300 billion, or just under part of about $700 billion.

Earlier this month, a report by Wall Street giant Goldman Sachs gave Ethereum a “high probability” of overperforming bitcoin as a “dominant” store, calling it “the Amazon of information. “

“Given the importance of actual uses to calculate the price reserve, it is highly likely that the ether will outperded bitcoin as a dominant price reserve,” Goldman Sachs analysts wrote, according to sections of the report shared on Twitter.

Mark Cuban, the billionaire investor who made his mark through the Shark Tank TV series, said he expects ethereum’s long-awaited 2. 0 update to spark the progression of apps that “crush” bitcoin.

I am a journalist with significant experience in the fields of technology, finance, economics and business around the world. As founding editor of Verdict. co. uk, I pointed out that