As the world’s most popular cryptocurrency Bitcoin price surges past $34,000 for the first time, millions are showing great interest in adopting cryptocurrencies and Blockchain technology.
The digital coin (Ethereum)has more than quadrupled in value since the start of 2021, with the currency’s total value now past $US600 billion ($A780).Bitcoin (BTC) has spiked nearly 22% in one week, but that spectacular gain is easily surpassed by Ethereum (ETH), the number two cryptocurrency by market cap.
Ethereum’s gains in the same period have been nearly double that of Bitcoin, almost touching 59%.Over the past seven days, Ethereum has seen a rise in value, as it gained 39.57% in the last days of 2020,The volume of Ethereum traded in the twenty-four hours to time of writing was $3,281.74B or 845.38% of the total volume of all cryptocurrencies.
The Vitalik Buterin-founded cryptocurrency crossed the $1,000 mark on Sunday and is hovering near its 52-week.The astronomical surge in ETH prices has not gone unnoticed among the cryptocurrency Community.
Ever since the beginning of the year, BTC investments have yielded 12.65% returns, while ETH returning a whopping 46.34%.The move upwards pushed Ethereum’s market cap up to $116.60B, or 13.48% of the total cryptocurrency market cap,which is the highest it has seen so far, Ethereum’s market cap was $135.58B.
Quick Facts:
Ethereum is a type of Cryptocurrency built on a decentralized, open-source blockchain featuring smart contract functionality. Ether (ETH) is the native abbreviation for the cryptocurrency. It is the second-largest cryptocurrency by market capitalization, after Bitcoin and the most actively used blockchain in the world.
Ethereum was proposed in 2013 by programmer Vitalik Buterin. Development was crowdfunded in 2014, and the network went live on 30 July 2015, with 72 million coins premined.Ethereum is used for decentralized finance, and has been utilized for many initial coin offerings.
Ethereum has started implementing a series of upgrades called Ethereum 2.0, which include an increase in transaction using shard and a transition to proof of stake ( Proof of stake (PoS) is a type of consensus mechanism by which a cryptocurrency blockchain network achieves distributed consensus. In PoS-based cryptocurrencies the creator of the next block is chosen via various combinations of random selection despite their wealth or age)
Price Action: Bitcoin traded 2.7% lower at $32,953.22 and Ethereum traded 41.71% higher ,Ethereum had traded in a range of $956.60 to $1,158.27 in the previous twenty-four hours,It has traded in a range of $690.2393 to $1,158.2742 in the past 7 days.
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