The increasing number of projects built on Ethereum could trigger a shift at the top of the cryptocurrency food chain in 2018, according to Ethereum co-creator Steven Nerayoff.
During an appearance on CNBC’s TV programme “Fast Money” on Monday, Nerayoff said that the increase in Ethereum-based projects could lead to the cryptocurrency overtaking its larger rival Bitcoin (BTC).
“What you’re seeing with ethereum is exponential increase in the number of projects — there are billions of dollars being poured into the ecosystem right now — maybe 10 times more projects this year than last year, which could easily lead to a doubling, probably a tripling in price by the end of the year,” he said, as quoted by CNBC.
Nerayoff pointed to the wide variety of industries that are starting to recognise the value of the Ethereum protocol.
“Fintech is actually the natural area, but now you’re seeing it becoming increasingly more creative — you find projects in the oil and gas industry, you’re finding government using it in their applications, you’re seeing it in gaming, all kinds of different areas.”
He also noted that Ethereum was increasingly used as a currency, due to its faster processing times and lower transaction fees than Bitcoin.
Nerayoff also believes that the cryptocurrency sector as a whole could see an expansion this year, as more and more people are showing interest in investing in digital coins, including Bitcoin and Ethereum.
In today’s trading, the Ethereum price stood at $1,258.16, as of 08:57 GMT. The cryptocurrency has gained 6.2% in the past 24 hours, according to data from Coinmarketcap. Its total market capitalisation currently stands at $121.8 billion.