In the world of cryptocurrency where one coin goes up there are thousands of others ready to move at the same pace. Bitcoin is currently the largest digital token that sees net highs every day, however other tokens are not behind. One such digital token is Ethereum that has garnered quite the coverage in few years especially ever since Bitcoin touched the $40,000 mark.
Ethereum is the second-largest crypto coin and one of Bitcoin’s strongest competitors that released in 2015. Very recently the token hit a record and is just rising. Ethereum is usually seen correlate with Bitcoin, however, Ethereum in recent times is off in its own branch. Ether is currently $2,103.94 which shows an increase of 6.19% over 24 hours and 25.7% over a seven-day period.
Visa also recently announced that they are going to be relying on the Ethereum blockchain so there is a lot in store for Ethereum. Followed by this was an announcement by Mark Cuban who revealed that he owns a lot of Ether.
Cuban is a billionaire investor who claimed that his cryptocurrency portfolio comprised majorly of Ethereum and Bitcoin at 30% and 60%, respectively. While the remaining 10% was other smaller cryptocurrencies. This is somewhat a shocking revelation since there have been times when Cuban was seen criticizing the crypto market.
While disclosing his allocation in terms of crypto tokens he referred to Ethereum as a currency as opposed to Bitcoin. He sees Bitcoin as a store of value that is better than gold while Ether to him is closest to being a currency.
Cuban’s disclosure might have played a role in bouncing and pumping Ether up. There are a couple of reasons that Ethereum could be sky-rocketing. Super start Artist Damien Hirst had also recently announced that he would sell 10,000 nfts using the new Ethereum technology, Palm.
People are getting involved and there is hype surrounding Ethereum lately.
In 2017 Ethereum had seen a similar situation where suddenly a lot of people were flooding in. Ethereum was extremely congested and expensive. There will absolutely be other chains, collaborative chains, that have tremendous value and utility like finance smart chain, Polka dot, Cardon etc. However, despite having cheaper, faster, and better to create and deploy financial mechanisms or financial stores of value Ethereum is getting popular. Ethereum has the trust of a really big network. The most important applications and the highest value applications are finding their home on Ethereum because it is trustworthy and it is secure.
For instance when you are storing a videogame character that can be done on a cheaper and faster chain to improve user experience. But if a more valuable thing like a deed to a house needs to be stored then one would really seek out the absolute highest standard of security and trustworthiness. This is where you see the difference of the slower moving, more valuable ecosystems long-term versus the faster moving, experimental and newer ecosystems.