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Ethereum (ETH) is the number two cryptocurrency behind BTC, with a current market cap of $413B.
The Ethereum network started in 2015, and the initial idea behind ETH was to create a crypto network that could enable developers to create any application on top of its blockchain. Previously to ETH, individual cryptos (blockchain networks) were created to solve a single problem (one for peer-to-peer money transfers, domain names, etc.), however, with the creation of ETH, it was an open-ended network where any application can be created with its own token. The purpose of having a token is actually a security feature.
Ethereum is currently mainly used for Decentralized Finance (DeFi) applications and NFTs. Currently, NFTs are mainly used for digital art, however, their future includes backing real-world assets such as real estate or legal documents, or other functions. DeFi has a large market, and facilitates financial transactions of all types. ETH currently has $52B in 'locked value' across all applications built on its network. There are several companies 'building' on Ethereum, such as Coinbase, Robinhood, and others.
ETH itself also has a lot of decentralized properties, and favourable 'tokenomics' for ETH holders. The supply of ETH is currently deflationary, and this bodes well for its price as demand increases. ETH also provides certain users 'yield', around 4% currently, and there is an ETF application in process by several firms including Blackrock.
The network is still in its infancy (only 9 years old), but has a lot of developers working on it, a lot of use cases already, a large market cap, and is likely to soon have more inflows from US ETFs.
Authors of this answer, directors, partners and/or officers of 5i Research and/or affiliated companies have a financial or other interest in ETHX.B.