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Ethereum co-creator and blockchain pioneer Steven Nerayoff told CNBC’s “Fast Money” that companies from different sectors are starting to grasp the true potential of the Ethereum blockchain. This increasing interest might help Ethereum’s token triple in value this year as the system capitalizes on its speed of processing and low costs, according to him.

Moreover, Nerayoff sees it as likely that the growing number of projects created on Ethereum could push it ahead of Bitcoin.

“What you're seeing with ethereum is exponential increase in the number of projects — there are billions of dollars being poured into the ecosystem right now — maybe 10 times more projects this year than last year, which could easily lead to a doubling, probably a tripling in price by the end of the year,” Nerayoff noted.

He said that fintech companies are not the only ones showing interest in the distributed ledger technology (DLT). Ethereum has also found applications in the oil & gas and gaming industries, and even governments are using it for various purposes.

This has to do with Ethereum being not just a virtual peer-to-peer currency but a smart contract system, where companies can securely set contracts without intermediaries. But using Ether as currency is also fine, mostly due to its speed and low prices.

“People are actually using it for currency as well. Lower transactional costs are increasing usage of the entire network, and that's increasing the network effects of it. There are more users, more projects being built on there and more programmers,” Nerayoff added.

Currently, Ethereum has a market cap of about $118 billion, which makes it the second largest cryptocurrency. It recently regained its second position after Ripple lost over 30% on news that Coinbase would not list it on its exchange anytime soon.

On Friday, Ethereum co-founder Charles Hoskinson said that the crypto market could experience a crash and then strengthen again. The correction might happen because some altcoins represent “unrealistic” projects without substance.

“My personal opinion is that we're going to see a consolidation after a crash,” Hoskinson said.