Ethereum Rise Follows The Worry About Bitcoin
While Bitcoin has been growing the entire August, Ethereum was holding its value at a stable amount. However, this week has been bad for Bitcoin and the digital currency market in general as Bitcoin’s value plummeted significantly. On the other hand, Ethereum managed to avoid that decrease in value and on Monday it has even recorded bigger rise than Bitcoin. Bitcoin has been gaining momentum in the last couple of weeks which saw its value skyrocketing up to $4,522.13 for one bitcoin which is the highest level that this digital currency has ever reached.
At the same time as the value of Bitcoin was growing, the community was getting more and more fractured and divided among Bitcoin cash and other digital currencies. In that kind of situation, it was expected that the value of Bitcoin will be going down which happened this week. At the same time, Ethereum has reached its highest value in two months thanks to the fact that this digital currency is getting more and more popular in the IT sector and especially in the Silicon Valley.
On Monday, Ethereum’s value was $330, which is the highest value that this digital currency has recorded during July and August. To this date, the highest value that Ethereum reached was $347.05 and it has been reached on June 23rd of this year. After that, the value of Ethereum has gone down and with today’s value, it can be said that it has risen for more than 70 percent. Besides that, Ethereum has recorded the 4,000 percent rise when compared to the value it had last year.
The recent problems for Bitcoin appeared amidst the reports that said that Bitcoin might be split again after on August 1st Bitcoin was split on Bitcoin and Bitcoin cash. Because of that, Bitcoin has recorded a $500 drop in the value this week. Despite that, Bitcoin has still remained in the 40 percent increase in value that this digital currency has been recording during this month.
As a consequence of another potential split, the investors have turned their attention to Ethereum especially after it was announced that this digital currency might be implementing a policy called ‘Metropolis’. This policy should improve the privacy of transactions conducted with Ethereum as well as the efficiency of the system. This was not the only factor that contributed to the rise of Ethereum’s value.
South Korea has been a very important market for digital currencies lately and the demand for Ethereum has been steady in that part of the world recently, which affected the value that this digital currency has. Besides that, a company called IG that deals with only trading, has been expressing its support for Ethereum and that also caused the Ethereum’s price to go up. According to CryptoCompare, South Korean currency market has recorded 30 percent trade in Ethereum while Bitcoin’s trade in that market was at 29 percent.
Ethereum was not the only digital currency that recorded the increase in value during the last week. Another digital currency called Monero has featured the increase of 70 percent in the value because Monero proved to be one of the best crypto currencies for making these transactions of digital currencies safe, confidential as well as untraceable. Because of that, the value of Monero is at $95.08 according to CoinMarketCap which is a significant rise in value for this relatively unknown digital currency.
Written by Vedran Ostojic
Interesting blog
Thanks for posting it here.