Ether is currently worth in aggregate just shy ofUS$500 billion (363 billion).
Thats still slightly less than half that of the biggest cryptocurrency, bitcoin.
First of all, its important to understand the difference between bitcoin and ethereum.
Bitcoin is a system for allowing people to send value between one another without the need for banks.
Ether vs bitcoin by total value (market cap)
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It is aworldwide software platformwith no host, on which developers are building thousands of blockchain-based applications.
This means these applications can all run without being controlled by a company.
Examples includecryptocurrency exchanges,insurance systems, and newkinds of gaming.
Why ethereum 2.0
Ethereum has several major problems, however.
Validators prioritize users who are willing to pay the highest fees for their transactions.
Its the same problem that has brought a lot ofnegative publicityto bitcoin because it uses a lot of electricity.
Proponents also point out that the online grid is shifting towards using much more renewable power over time.
Ethereum supporters counter that proof of stake has checks and balances built in that would prevent this from happening.
The forthcoming upgrade is essentially a warm up for this merger.
Certainly, the price of ether has been strong ahead of the Altair upgrade.
The recent surge in bitcoin to all-time highs has been helping to lift the entire crypto market.
But ultimately the question is what it will mean for bitcoin.
Could it happen in 2022?
With bitcoins hegemony at stake, it will be fascinating to find out.
