On Monday, cryptocurrency ether broke a record going over $3,000 in value. That is remarkable as the coin outshone Bitcoin, the all-time best currency. Investors are anticipating that ether will maintain its high value and gain more mainstream. It is with no doubt that Ethereum will have a place in the future system of the decentralized market. If you are looking for a volatile coin to invest in, for now, you might try ether.
There was a 3% increase in the ethereum blockchain transactions. If you are among those who traded with Bitstamp exchange, you might have noted the increase at the time. In Asia, ether hit $3,051.99 by lunch hour. With all that, ethereum went over a 300% value increase as of this time of the year. The coins outpaced the popular asset Bitcoin, which rose by 95%.
According to James Quinn, all this ethereum flourishment is an attempt to catch up with the Bitcoin gains late in 2020. Quinn is a Q9 Capital managing director, a private cryptocurrency wealth manager based in Hong Kong. What do you think about that? Let us find out more about the manager’s thoughts on the ethereum blockchain.
The director stated that the bitcoin gains reflected ethereum blockchain improvements and a shift towards decentralized finance (Defi). Ethereum platform utilizes DeFi to avoid involving traditional banking in cryptocurrency transactions. After all, we are talking about a decentralized business sector.
Quinn said that bitcoin performed well at first since it attracted any investor in the crypto space. You probably know how popular bitcoin is in the digital markets. As the rally proceeded over the past couple of months, DeFi came into the market. Ethereum embraced Defi without hesitation.
Several elements came in place to increase ether value. For instance, the ethereum exchange-traded funds launch in Canada. Also, the gushing demand for ethereum wallets to help in transacting NFTs like digital arts pushed the prices up.
It is undeniable that ethereum is the second-largest currency helping investors diversify their market exposure. The bitcoin/ether cross rate has increased over 100% in 2021, with a 2.5 highest this year on Sunday.
Is Ethereum cryptocurrency the new real deal? Comment your views.