Mon, January 30, 2023

Ethereum stays at its all-time high, might beat Bitcoin soon

Bitcoin, ethereum, cryptocurrency

Bitcoin prices continued to rebound on Saturday, rising about 6% to nearly $58,000. However, recently, its younger brother, Ethereum, has overshadowed the world’s largest cryptocurrency.

Ethereum hit a new high on Saturday, just over $2,900. By 2021, the price of Ether has almost quadrupled, rising by 290%. Bitcoin has also achieved good results this year, doubling its value.

The total value of all Ethereum in circulation now is approximately 333 billion U.S. dollars. The market value of Bitcoin (XBT) is close to 1.1 trillion U.S. dollars.

Bitcoin and Ether account for nearly two-thirds of the global $2.2 trillion cryptocurrency market.

Bitcoin has soared this year, partly because of the increased adoption of Bitcoin by American companies. Musk’s Tesla and software company MicroStrategy have purchased Bitcoin to keep their balance sheets. Digital payment Giants Square and PayPal also allow users to buy, sell and hold cryptocurrencies.

Ethereum enjoys more significant gains than Bitcoin

Ethereum is the cryptocurrency of choice for the purchase of many  NFTs-sweeping the world of art and broader collectibles.

By the end of April, the Ethereum ecosystem has ushered in another milestone. The major decentralized financial platforms Uniswap, Compound, Maker, and other leaders are working hard. They try to exceed the net value of intelligent contracts locked on the Ethereum blockchain to exceed 73 billion.

Another factor that pushed the price of Ethereum to record highs was the record interest of the Ethereum options contract. It reached a record high and was valued at approximately $4.2 billion in April. $930 million of these options is about to expire by the end of this month. It allows buyers to purchase ETH with the seller of each specific contract at an agreed price.

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