Is Ethereum a real threat to Bitcoin (BTC)?
Since 1 January 2020, the price of an Ether (ETH) token has more than doubled. The following text tells the story of why this year will belong to this digital asset.
It is worth noting that the price of one share in the Grayscale Ethereum Trust is currently $81.50 (USD). Whereas the value of one Ether token is about $25.46 (USD).
Grayscale Ethereum Trust is an asset management company with a total value of USD 154.5 million (USD). Its offer is mainly addressed to institutional investors who want to take advantage of the boom in digital currencies while avoiding direct investment of accumulated funds.
The Ethereum appears to be a new security bridgehead.
The Ethereum is increasingly seen as a bridgehead of security. A report published just now by the State University of San Jose may serve as a kind of evidence to support this thesis. The research analysed the period between December 2017 and December 2018. The results were as follows The Ethereum has been shouted out as a diversifier for the U.S. dollar and an important hedge against gold exchanges and markets.
JPMorgan interested in working with Consensys
JPMorgan, the largest bank currently operating in the United States, is in talks to bring the blockchain Quorum branch together with the ConsenSys development studio. As you know, the founder of the latter is the co-founder of Ethereum, or Joe Lubin.
It is also worth adding that the bank created its private blockchain under the name Quorum based on the Ethereum network. If the conducted talks are successful, the cooperation will most probably be announced within the next six months.
Ethereum Price and further development of its network
How easy it is to guess with the increase in the ETH exchange rate is also the increase in the use of the network itself. According to data provided by Glassnode, the total daily consumption of gas units has reached its highest point since 2019. In contrast, the number of active Ethereum addresses has increased by 21.5% over the last seven days. The number of transactions carried out can also boast a 13 % increase.
At present, the value of the DeFi market is valued at over a billion dollars (USD)
The amount of funds placed in applications from the decentralized funding market has just exceeded $1 billion (USD) for the first time. In this amount, Ether represents about 70 %. As you can see, this share is significant.
Everything starts to indicate that ETH probably has a real chance to fight for the primacy on the digital currency market for the first time since its creation. Will it manage to take the lead this year? Will it be the first time that his biggest rival, the oldest digital currency, Bitcoion (BTC), will be in the lead this year? What do you think about it?