According to the former head of the BitMex exchange Arthur Hayes, ether (ETH) may in the future become the largest digital currency. So far, however, the probability of such a scenario is only 30%. The odds are slim, but they continue to grow, Hayes wrote on the BitMex blog.
The gigantic potential of the ether was previously pointed out by the CEO of Three Arrows, Su Zhu. However, when he said that ETH could potentially bypass Bitcoin in terms of capitalization, many in the cryptosphere laughed at him.
Arthur Hayes also stated that the likelihood of Ether becoming the leading cryptocurrency is zero. But now the ex-head of BitMex suddenly changed his position and even increased the chances of the altcoin.
Ether is trading at around $ 3400 earlier this week. When the coin broke above $ 4,000, many traders predicted a surge to $ 5,000 by the end of May.
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According to Hayes, the Ethereum network is the world's largest decentralized computer.
He emphasized: "Ether is valuable because its network is most often used to launch smart contracts. Ethereum has the most developers, most DApps blockchain applications, and the largest amount of funds locked in DeFi."
The use of ether is constantly increasing, as this asset is needed to pay commissions within the ETH ecosystem.
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A huge contribution to the development of the network and altcoin, in particular, is made by the decentralized finance market.
Arthur Hayes believes DeFi is the future of the global economy. This market cannot function without ether, so the demand for such a cryptocurrency will continue to grow.