The world’s number 1 utility crypto and second most valuable crypto has in recent times been experiencing increased buying pressure from crypto investors, thereby breaching above the $700 price level for the first time since May 2018.
In addition, its present market value, $83.8 billion is much bigger than many African stock exchanges, including the best performing Stock market in Africa, Nigeria’s major stock exchange, valued at $53.5 billion (N20.279 trillion, Central bank exchange rate of N379).
- At the time of writing this report, Ethereum traded at $730.28, with a daily trading volume of $27 billion.
- Ethereum is up 12.29% in the last 24 hours.
What this means
It’s important to note the increased buying pressure in Ether is on a record high since it has caught the eye of high net worth individuals.
- Ether’s love among institutional investors is based on its high utility fundamentals. First, the DeFi, the industry is the hottest and the most trendy thing in the crypto-verse in 2020.
- Ethereum blockchain also maintains the leadership status as almost all DeFi projects are based on Ethereum blockchain.
- Just recently it upgraded to Ethereum 2.0, which is seen by many crypto enthusiasts as the game-changer in reforming the distributed system, after some years of research and coordinated effort by top developers around the world.
The major objective of the upgrade is to allow the protocol to continue to grow with the crypto industry and expand in order to support trillions of dollars in transaction value in a decentralized manner.
What you should know
Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control, or interference from a third party.
- Like many other crypto assets, speculating with Ethereum can be highly profitable and has had a good history of giving its investors huge returns.
- However, there are also many other options to make income from Ethereum. These options include Ethereum mining, Ethereum faucets, and Ethereum staking.