The popular virtual currency Bitcoin must be wary of the Ethereum digital currency that is emerging as a strong competitor in the future.
Investors are amazed when the Ethereum cryptocurrency this morning touched $4,141. This is the first time the digital currency has surpassed the $4,000 mark and its total capitalization currently stands at $476.3 billion, which is almost half of Bitcoin’s value of $1.1 trillion.
According to analysts, Bitcoin is too expensive, causing investors to rush to find new digital currencies to profit. As a result, Ethereum has increased by more than 40% in value in the past April. Ethereum cryptocurrency was launched in 2013 with the purpose of being used to transact for an intranet of the same name. Now it is turning these crypto holders into billionaires with skyrocketing prices. The Ethereum cryptocurrency is also benefiting from the rise of NFTs, aka non-fungible tokens. This is a digital asset designed to represent ownership of unique virtual items such as art and sports memorabilia. Many NFTs like CryptoKitties and CryptoPunks are all running on Ethereum. However, this outburst of activity has resulted in congestion on the Ethereum network. Ethereum is currently being upgraded with the ambition of enabling faster transaction times and reducing the amount of power required to process transactions.
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