Ethereum: Bitcoin alternative reaches new all-time high
Ethereum / Ether more expensive than ever. (Image: Wit Olszewski / Shutterstock)
No time right now?
A few weeks after Bitcoin, the number two in the cryptocurrency market has also reached a new all-time high. Ethereum / Ether was worth more than $ 1,430 on Tuesday.
While industry leader Bitcoin took a break two weeks ago after reaching the $ 40,000 mark, the price of the second largest cryptocurrency by market capitalization jumped. On Tuesday, Ether (ETH) broke the $ 1,400 mark for the first time in three years – and climbed to over $ 1,430. In the past 24 hours alone it has increased by 15 percent. For comparison: Bitcoin was up around 2.6 percent on Tuesday evening at a good $ 37,300.
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High Bitcoin price as an advantage for Ethereum
What speaks for Ethereum at the moment is that Bitcoin is simply too expensive for many potential investors. In addition, Bitcoin has more than doubled its value since setting the record from the 2017/18 Bitcoin hype season. In comparison, Ethereum still has room for improvement – but has already seen a strong upward trend. On January 1, Ethereum was still worth $ 735. Analysts also see the plan of the US exchange CME to launch a futures contract on Ethereum from February onwards, reports the standard. A similar announcement three years ago set the then record of $ 20,000 for Bitcoin.
Ethereum had recently taken an important further development step. With Ethereum 2.0, which was launched in December, the consensus procedure will be switched from the computationally intensive proof-of-work to a so-called proof-of-stake procedure. The initiators and investors expect more possible transactions and lower energy consumption from this. In addition, users could earn money on the staking network in the future, such as Trendingtopics writes. The Ethereum network is also the basis for other digital currencies and applications.
Transaction volume: Ethereum before Bitcoin
When it comes to transaction volume, Ethereum has already left the Bitcoin network well behind. According to Ryan Watkins of Messari, an analysis company specializing in cryptocurrencies, Ethereum is said to have transferred twelve billion dollars in the past 24 hours. In the case of Bitcoin, on the other hand, the volume of transactions was nine billion dollars.
Ethereum’s daily transaction volume is going parabolic.
It now settles $ 12 billion in transactions daily – $ 3 billion more than Bitcoin.
Imagine not being bullish $ ETH. pic.twitter.com/3NfOz1ruiM
– Ryan Watkins (@RyanWatkins_) January 19, 2021
