2020 was the year of Bitcoin, but 2021 is going to be all about Ethereum and altcoins. The top-ranked altcoin by market cap is growing at an unprecedented pace, outperforming even Bitcoin since its inception in terms of raw ROI.
Bitcoin has digital scarcity on its side, but Ethereum has unstoppable demand due to it being the backbone to DeFi, NFTs, and most altcoins in the crypto market. Here’s an in-depth look at all the reasons why you should trade Ethereum on PrimeXBT in 2021.
The hottest trend in all of crypto – hotter than even Bitcoin or Ethereum themselves – has easily been DeFi, otherwise known as decentralized finance. Bitcoin was created as the first-ever decentralized digital currency, but it gave birth to an entire industry of disruptive financial products like DeFi.
Although the comparison to Bitcoin was made, most of DeFi these days is built on top of the Ethereum blockchain as a layer one foundational technology. DeFi tokens are extremely popular, ranging from Compound to Yearn.Finance, and several others.
The emergence of DeFi also gave birth to new trading experiences and platforms, such as Uniswap, as well as new buzzwords like yield farming and more.
Another benefit of cryptocurrencies like Bitcoin and Ethereum is that they are completely fungible – which means that each BTC or ETH is precisely the same as all other BTC or ETH and is interchangeable in all ways.
Non-fungible tokens, or NFTs for short, are unique tokens that are unlike any others. What these tokens are being used for is to provide digital ownership rights to digital goods and items, such as art files, music, and more.
This has led to an explosion in creativity and innovation, as well as bringing several new celebrities, entertainers, artists, and musicians into crypto, unlike previously before.
The ETH 2.0 update is already being rolled out and comes with a ton of features that will keep Ethereum rallying for the foreseeable future. First and foremost, the update addresses the critical issue of scaling and throughput – a challenge that’s both somewhat benefited Ethereum lately and has been damaging all the same.
ETH gas fees are extremely high due to all the demand in DeFi, NFTs, and elsewhere, which in turn is causing more ETH to be spent and purchased to be used for gas. This also has the effect of driving up the price of Ethereum.
At the same time, it has led to competitors starting to gain ground, and admittedly some investors are frustrated with the high cost of doing business on Ethereum. However, sometimes, there is a cost to get into the hottest club in town.
Another hot spot in the crypto space is PrimeXBT. The award-winning margin trading platform, just like Ethereum, had its most significant upgrade yet with the all-new V2.0.
Ethereum and the ERC-20 versions of USDT and USDC have been added as alternatives to BTC for margin accounts. This means that Ethereum and the two stablecoins on the Ethereum blockchain have been fully integrated into the experience from the top to the bottom.
This demonstrates yet another way Ethereum is becoming as important to the crypto landscape as Bitcoin, if not more so. Users can now earn ETH using the same four-level referral program.
The Covesting copy trading module also has had these new currencies fully integrated into the tool. Covesting is yet another way for investors to gain exposure to Ethereum profits without performing technical analysis or managing positions themselves. Instead, followers can copy the trades of strategies focused on Ethereum or denominated in ETH to stay exposed to how hot the Ether market is currently.
Take Advantage of the Ethereum Bull Market with PrimeXBT Trading Tools
Ethereum is in a bull market that rivals even Bitcoin’s, and it might only just be getting started. Because of its expansive ecosystem and the fact so many projects are built on the blockchain itself, the demand for Ethereum, both for ETH gas fees and general crypto market investment interest, has been skyrocketing.
Traders who look to PrimeXBT to execute a successful Ethereum trading strategy will have all the tools they need and then some. There’s built-in charting software from TradingView, the Covesting copy trading experience, and so much more.
More than 50 assets are listed all under one roof for those times that trading Ethereum isn’t quite enough. Always have your finger on the pulse of markets with a mobile app for Android and iPhone offered for free by the award-winning trading platform.