Which Cryptocurrency is best other than Bitcoin?

 Since the Ethereum ICO, it has been speculated that this new cryptocurrency could pose a threat to Bitcoin. Decentralized apps, transparent blockchain, open source code, and a broader TPS looked extremely promising. However, fate can be contradictory and at the moment BTC is doing better than ever. Does Ethereum ever have a chance of being found on the number 1 spot?

A rocky start for Ethereum

Unfortunately, Ether suffered a huge misfortune at the very beginning caused by the DAO network hack, which allowed almost 4 million ETH to be stolen. Ethereum Foundation made a rather controversial decision to completely fork the network and return the initial balance to what it was before the hacker attack. The original blockchain was renamed Ethereum Classic and still works today. This whole situation deeply divides the community around the project and calls into question its security. It was only thanks to the hard work of Vitalik Buterin and his organization ETH that it was possible to gradually regain face and be permanently on the 2nd place of the podium in the general classification of capitalization.

Bitcoin dominance

Source: tradingview.com

In 2017, literally right before the momentous cryptocurrency FOMO was triggered, on forums and pretty much all over the internet, talk about the ETH rollover started getting louder and louder. It was to take place #1 by Ethereum. This was because the ETH price strengthened significantly with a simultaneous drop in the Bitcoin Dominance Index. This was also supported by TPS and the general state of the network, in which confirming a transaction made with BTC took much longer than in the case of ETH. As time showed, those dreams turned out to be just a pipe dream, and after the crypto bubble burst in early 2018, the BTC/ETH ratio plummeted nearly 5x.

Source: tradingview.com

New hope for ETH supporters

According to a study conducted by Messari, it turned out that the total value of transactions concluded in one day in USD on the Ethereum blockchain (i.e. transfers of ETH itself and stable coins ERC- 20) was equal to the value of transactions concluded on the Bitcoin network. Interestingly, the value of ETH transfers is constantly decreasing, while the value of transactions in tokens such as USDT or USDC is constantly increasing. According to the assumptions, Ethereum itself was meant to be a framework for building business solutions and applications. Therefore, the above information should appeal to all proponents of this technology, as it means more and more organic adoption of the ETH blockchain.