Ethereum Market Capitalization Surpasses that of Nigerian Stock Exchange Market

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The world’s second largest cryptocurrency by market capitalization recently reached $700 in price and for the first time since 2018 surpassing Nigeria Stock Exchange Market Capitalization.

Its present market value, $82.36 billion is bigger than many African stock exchanges, including the best performing Stock Market in Africa, Nigeria’s major stock exchange, valued at $53.5 billion (N20.279 trillion, Central bank exchange rate of N379).

At the time of writing, Ethereum traded at $722.3, with a daily trading volume of $17.96 billion. Ethereum is down 2.20% in the last 24 hours.

This new development has drawn the attention of individual investors who are steadily buying up the token. Meanwhile institutional investors and companies are looking to utilize the network for smart contract development and for building application for the decentralized finance.

Among the numerous interest of institutions towards Ethereum Blockchain, the most sort out interest is the DeFi (decentralized finance) ecosystem pioneered by Ethereum network. The DeFi industry is the hottest and the most trending thing in the crypto-verse in 2020.

Ethereum blockchain also maintains the leadership status as almost all DeFi projects are based on Ethereum blockchain. Even other DeFi blockchain based projects are a somewhat copy of Ethereum Virtual Machine.

Just the blockchain upgraded to Ethereum 2.0 (Beacon Chain) developed for staking Ethereum (POS) removing ethereum from POW algorithm. This new tech is seen by many crypto enthusiasts as the game-changer in reforming the distributed system, after some years of research and coordinated effort by top developers including the Ethereum Foundation.

What you should know

Ethereum is the second largest cryptocurrency designed for building decentralized applications and deployment of smart contracts.

The new ethereum 2.0 allows the staking of Ethereum for profit by individual investors. However, there are also many other options to make income from Ethereum. These options include Ethereum mining and Ethereum faucets.