Consulting Giant Named! These 4 Altcoin Bombs Are Coming!

Consulting Giant Named!  These 4 Altcoin Bombs Are Coming!
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Leading altcoin Ethereum is down more than 65% from last year’s all-time high. However, financial expert RJ Fulton says the future vision of Ethereum is big. Crypto expert Motiur Rahman shares Bitcoin-related altcoins that are likely to skyrocket in 2023. We have compiled the shares of experts for our readers.

The crypto world is cloudy right now, but the future of Ethereum is clear!

Bitcoin is the most expensive cryptocurrency compared to the market price. It also laid the foundation for all subsequent cryptocurrencies. However, the shock waves and impact created by Ethereum (ETH) are probably on a par with Bitcoin. When Ethereum was created in 2015, it changed the game because of one key feature: smart contracts. With smart contracts, it is possible for developers to create applications on Ethereum that perform transactions when certain conditions are met. This could be anything from automating banking processes or integrating supply chain management. Thanks to these smart contracts, Ethereum gave rise to an entirely new segment of cryptocurrency known as decentralized finance or DeFi, which is not possible with Bitcoin.

Ethereum, despite the innovation of Ethereum, it has not been strong against the bear market of 2022. Since the beginning of the year, Ethereum has fallen more than 65%. While it was worth about $500 in November 2020, it finally reached $4,600 in November 2021. In the wake of the astronomical rise, some sort of correction was probably inevitable. Still, despite the price drop this year, I believe Ethereum could one day return to these highs again.

Consulting Giant Named! These 4 Altcoin Bombs Are Coming!

Let’s dive a little deeper into the leading altcoin project

My opinion is based on a few numbers. Fortunately, Blockchain data is open source and publicly available. So we have access to information and metrics that show how widely Ethereum actually is. When it comes to blockchain, the more it is used, the more its costs tend to increase.

To get started, let’s look at a statistic called Locked Total Cost (TVL). This statistic is used to compare the total amount of money a Blockchain supports in DeFi. You can think of this as the market price of companies. Ethereum’s TVL is easily the largest amid all other smart contract-enabled blockchains. It accounts for about 59% of the entire cost in DeFi. Also, it’s worth about $23 billion. The next closest is Tron with around $4 billion representing 11% of DeFi’s value.

altcoinSource: DefiLlama

The fierce battle faced by any of these other opponents is probably insurmountable. Ethereum has a large ecosystem with multiple developers and apps. This makes it the gold standard for DeFi Blockchains. There is little doubt in my mind that Ethereum’s market dominance will likely only increase once the competitors are weeded out.

Despite Ethereum’s track record of success, Blockchain is not a finished product. Ethereum has successfully completed this year’s transition from PoW to the less power heavy PoS consensus mechanism known as The Merge. This attack made headlines. Still, this was just a step towards Ethereum taking its final form. Ethereum co-founder Vitalik Buterin said with The Merge that Ethereum is still only 55% complete.

Consulting Giant Named! These 4 Altcoin Bombs Are Coming!Source: Sequoia Capital

Ethereum’s long-term potential cannot be overlooked

To get this power to 100%, Buterin and Ethereum developers want to add more updates and features so that one day Ethereum can be strong enough to ‘help all humanity’. To get there, some of the shortcomings that plague Blockchain, such as high process costs and slow speeds, need to be addressed. This is something that needs to be taken care of when sharding becomes available in 2023.

It’s hard to understand how clearly Ethereum stands out from the competition, even though it’s only 55% complete. Imagine what could happen in the store when it reaches 100%. A fully functional version of Ethereum will run circles around its 2022 incarnation. Personally, this makes the low prices even more attractive today. While the current bear market may frighten investors, it’s hard to overlook Ethereum’s long-term potential at these levels.

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Bitcoin-contact altcoin projects with high prospects to rise in 2023

Litecoin (LTC)

Yes, Litecoin is tied to Bitcoin. The developers created it from the original Bitcoin code. This is different from other coins that have been forked from the Bitcoin Blockchain. Launched in 2011, Litecoin holds the Proof of Work consensus mechanism as the Bitcoin Blockchain. However, Blockchain uses the Scrypt hash algorithm, unlike the SHA-256 hash function for Bitcoin. Litecoin is also a faster blockchain than Bitcoin.

Consulting Giant Named! These 4 Altcoin Bombs Are Coming!

Litecoin (LTC) is a potential bull candidate in 2023 due to the upcoming halving. According to estimates, the event will take place around July 2023. In the middle, the recent increases in LTC price are also related to this. If market sentiment improves, LTC’s chances of rising and generating big returns will double.

Bitcoin Cash (BCH)

Bitcoin Cash (BCH) is a great option if you’re looking for a cryptocurrency that is comparable to Bitcoin but is relatively inexpensive. Blockchain was forked from Bitcoin in 2017. The fork came after the developers failed to agree on a way to handle Bitcoin’s emerging woes. The purpose of creating Bitcoin Cash was to increase the number of processes per block and reduce prices. It has succeeded in achieving this goal. The return to the bull market will surely be highlighted by Bitcoin’s price action.

Consulting Giant Named! These 4 Altcoin Bombs Are Coming!

Wrapped Bitcoin (WBTC)

WBTC is an ERC20 token. ERC20 represents tokens available on Ethereum. If you’re wondering why it’s called Wrapped Bitcoin, it’s because it’s linked to the Bitcoin Blockchain. The developers created Wrapped Bitcoin to allow Bitcoin holders to join the Ethereum Blockchain. Altcoin can be exchanged for BTC at a ratio of 1:1. This means for every WBTC you will get one BTC. Of course, WBTC is integrated with Ethereum’s smart contracts. Besides, it has faster transfer capability than Bitcoin itself.

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