- Ethereum is not very unique anymore.
- There is growing competition involving ‘Ethereum Killers’.
- JPMorgan Strategist estimates Ethereum price will drop 55% reaching $1,500
Few cryptocurrencies such as Cardano, Solana, and Avalanche are evolving in the crypto market as ‘Ethereum Killer’. Moreover, this is because ETH is not unique, as there is growing competition involved by other altcoins.
Amid competition from ‘Ethereum Killer’, JPMorgan’s Managing Director Nikolaos Panigirtzoglou estimates Ethereum price will drop 55% reaching $1,500. In fact, the Ethereum (ETH) price reached $4362.35, an all-time high price in May. This is because of the increased user’s interest in Ethereum.
According to CoinMarketCap, the ETH price is down 8.24% reaching $3,129.95 with a 24-hour trading volume of $18,297,996,834, at the press time.
Revolving Ethereum Killers
Part of the analysis’ base concept — ETH’s proposal is not very unique anymore. Because ETH’s concept of smart contracts and its implementation is dubbed by other altcoins as well.
It’s not unique. You’re already seeing competition from Binance, competition from Solana. And there are going to be more in the future.
Aside from the Ethereum network alternatives who enter the competition, it might be hard to beat ETH’s network effects. Most of the innovations start from ETH then it will be eventually implemented on other networks. Even more, this is the same scenario for decentralized finance (DeFi) and non-fungible tokens (NFTs). These features and innovation first appeared on ETH and then could be seen on other projects as well.