Greg Adams, proprietor and managing director at blokt.com, which is a news website that purely covers cryptocurrencies believes Ethereum is the way forward for cryptocurrencyies.

Mr Adams said: “For the time being, I don't believe that bitcoin is dead. I do believe, however, that we'll begin to see a more significant shift in market dominance from bitcoin to other cryptocurrencies throughout 2018.

“As people become more educated on the specifics of each currency, they'll move their money to projects with the better tech. I can see projects like Ethereum, EOS and ICON picking up steam this year, at the expense of Bitcoin.

“Bitcoin has become a bit of a dinosaur in recent years, and its fate could be similar to that of the Sony Walkman.”

The expert predicts Ethereum will be trading between $2,000 and $3,000 by mid-2018 and between $5,000 and $7,000 by the end of this year.