Missed Ethereum? Here is a best cryptocurrency to buy now
When Bitcoin (CRYPTO:BTC) was created, it undoubtedly started a revolution. However, the creation of Ethereum (CRYPTO:ETH) was arguably an even bigger development. It was the beginning of blockchain networks that can execute smart contracts. The implications for the long-term potential of blockchain technology are enormous.
This is basically why Ethereum has so much potential and why it is already the second most valuable cryptocurrency. And in recent years, it has rewarded investors with significant returns. Tons of development has taken place on the most popular blockchains, like Ethereum.
Over the past two years, Bitcoin has allowed investors to grow by 307% in 2020 and 62% in 2021. The price of ETH has increased by 496% and 386% in each of these two years. It is therefore not only an incredible growth, but also a performance clearly superior to Bitcoin. And now Ethereum accounts for nearly 20% of the total value of all cryptocurrencies.
Cryptocurrency still offers tons of growth potential, especially in the long term. However, most of the massive growth is behind it. In addition, at present, several problems must be solved.
What are the problems facing Ethereum today?
Currently, Ethereum faces a handful of significant issues, which limit its ability to scale. This was to be expected, however, given that Ethereum was the first such blockchain.
Given its popularity, a persistent problem is that the network is congested. Therefore, the time it takes to send transactions can be quite significant. The cost can also be significant. These and other questions are being worked on at this time. The problem should be solved with the launch of Ethereum 2.0, expected later this year.
However, as solutions arrive, current investors and users in the crypto space, especially in DeFi, are looking for alternatives.
So while Ethereum has potential, it also has issues. There are other cryptocurrencies that are also much cheaper and have more room to grow significantly.
One of the best cryptocurrencies to buy in 2022
Ethereum is already the most popular option. And many in the space are convinced that Ethereum 2.0 can solve many problems. This means that choosing to invest in an Ethereum-compatible blockchain is a great long-term option.
Many users and, more importantly, developers do not want to migrate to an entirely new channel. This means tons of blockchains in the Ethereum ecosystem offer huge potential. Ultimately, the destination of users and developers will play the most important role in which cryptocurrencies have the most demand and gain the most value.
This is why a cryptocurrency such as Phantom (CRYPTO:FTM) is one of the best to buy in 2022. It is compatible with Ethereum, of course, but it is also much more efficient at the moment. Transactions often only cost a few cents.
One of the reasons transactions are so cheap is that its underlying technology was originally designed to scale better than Ethereum. And because it’s compatible with Ethereum, tons of users and developers have easily migrated to Fantom, giving it a significant boost in popularity.
While many in the cryptocurrency industry are optimistic about Ethereum’s upgrade this year, no one wants to wait for its release. And right now, using Ethereum’s network can be expensive, difficult, and frustrating. Therefore, solutions like Fantom continue to be a no-brainer for space users.
At the time of writing, Fantom is now the 27th most valuable cryptocurrency with a market capitalization of just under US$7 billion. Additionally, its market cap to total value locked ratio sits at just 0.95x.
Therefore, not only does Fantom offer a ton of growth potential, but it is also extremely cheap, making it one of the best cryptocurrencies to buy in 2022.