Bitcoin and Ether Surge to New Levels

Teodora Dobrilova
Teodora Dobrilova

Updated · Feb 21, 2022

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CoinMarketCap reported on Tuesday that Bitcoin reached $68,025, while Ether hit $4814.80.

Possible Reasons

In the last 24 hours, Bitcoin rose by over 3%. Meanwhile, Ether marked a 1% rise. The exact reasons for the surge are unknown. 

Bitcoin, however, has been going up since the launch of the first exchange-traded fund (ETF). Investors expressed hope that new funds could enter the crypto market via this regulated financial product.

Recently, Australia accepted spot exchange-traded funds (ETFs) in Bitcoin and Ethereum as acceptance for cryptocurrencies growth.

In addition, there is a new crypto trend - DeFi.

DeFi means decentralized finance. It’s blockchain-based and doesn’t rely on central financial intermediaries, usually used in banking or regulation. Ethereum is among its users.

Non-fungible tokens (NFTs) might also be responsible for Ether’s rise. They’re compatible with everything built on Ethereum. In March, they also saw a surge, with one token reaching $69 million.

Ethereum Changes

Ethereum aims to be more environmentally friendly and faster. In October, it launched the Altair upgrade - a lighter option for the Beacon chain. 

In addition, it is to change to a Proof of Stake (PoS) model in 2022. This is an environmentally friendly alternative to the current  Proof of Work (PoW) method.

Experts predict that the currency will reach $5,114 by the end of this year. As of February, Ethereum has 1.2 million daily transactions and is slowly being accepted as a payment method for a variety of vendors and casinos as well.

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Teodora Dobrilova

Teodora Dobrilova

Teodora devoted her whole life to words – reading, writing and trying to be original on social media. She got certified in digital marketing but still feels she’s not cool enough to be an influencer. (We all disagree – she influences the team pretty well.) She finished a master’s degree focused in Literature, Publishing, Mass Media. Her hobbies include traveling, and reading. Teddy hopes that yoga will be the thing to finally teach her some patience and show her the path toward world domination. Maybe modern tech can also help her with that.

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