Lark Davis is an independent crypto market analyst and content creator. He hosts a YouTube channel where the matters concerning cryptocurrencies are debated. He also operates a Twitter account where insight market news and hot topics in the crypto community are uploaded. In the latest installment of his videos, Davis claimed that Ethereum is criminally undervalued.
He also added that the silver cryptocurrency has the potential to get blow up in the next few years. To give a better insight into the market potential locked in Ethereum, he compared the blockchain project with PayPal. Currently, the entire crypto market is in a rut, and the price of ETH has dropped more than 50% compared to its ATH in May. Meanwhile, the blockchain project is also waiting to deploy the London fork successfully for merging ETC and ETH.
There is a Lot of Difference between Ethereum and PayPal Transaction Volume Data
It is difficult to imagine any visible similarities between Ethereum and PayPal at first glance. PayPal is a world-renowned fintech and payment service company with a market cap of about 344 billion. On the other hand, Ethereum is a green crypto payments deployment project with a market cap of only 244 billion. A difference of 100 billion market cap is nothing to ignore.
However, upon closer inspection, it can be deduced that the total transactional volume data for PayPal in 2020 was about $936 billion. In comparison, the same index for Ethereum was as much as $1.5 trillion in the first quarter of 2021. According to Davis, it shows that Ethereum can handle a 50% larger transaction volume than PayPal in 3 months than PayPal in a whole year.
Lark Davis Claims that the Impressive Potential of Ethereum has Inspired PayPal to Enable Crypto Payment Protocols
At present, when cryptocurrencies are new to the market and are facing many challenges, these projects are outperforming some of the biggest industry giants. Ethereum is not only facing external threats, but it is also being criticized for issues like high gas fees.
However, the latest update on the blockchain would lower down the fees by a huge margin. It would mean that more traffic would be directed towards the blockchain project. Davis further explained that adapting to crypto payments is not only a strategic move, but it is also a way for the company to survive by process of evolution.