Bitcoin and Ether Surge to New Levels

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.

ABOUT AUTHOR

Devoted my whole life to words - reading, writing and trying to be original on social media. Got certified in digital marketing - still not cool enough to be an influencer. Finished a master’s degree focused in Literature, Publishing, Mass Media. Hobbies include traveling, reading and hoping that yoga will be the thing to finally teach me some patience. Would like to take over the world at some point, but that’s an optional dream. Maybe modern tech can help me do that?

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