{"id":612178,"date":"2024-03-10T20:40:01","date_gmt":"2024-03-10T17:40:01","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/in-bitcoins-shadow-another-cryptocurrency-ether-stages-its-own-rally\/"},"modified":"2024-03-10T20:40:01","modified_gmt":"2024-03-10T17:40:01","slug":"in-bitcoins-shadow-another-cryptocurrency-ether-stages-its-own-rally","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/in-bitcoins-shadow-another-cryptocurrency-ether-stages-its-own-rally\/","title":{"rendered":"#In bitcoin&#8217;s shadow, another cryptocurrency, Ether, stages its own rally"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a27f1578ab43\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a27f1578ab43\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/in-bitcoins-shadow-another-cryptocurrency-ether-stages-its-own-rally\/#Bigger_than_bitcoin\" >Bigger than bitcoin?<\/a><\/li><\/ul><\/nav><\/div>\n<div>\n<div class=\"article-gallery lightGallery\">\n<div data-thumb=\"https:\/\/scx1.b-cdn.net\/csz\/news\/tmb\/2024\/the-price-of-ethereum.jpg\" data-src=\"https:\/\/scx2.b-cdn.net\/gfx\/news\/2024\/the-price-of-ethereum.jpg\" data-sub-html=\"The price of Ethereum has risen faster than bitcoin in recent weeks.\">\n<figure class=\"article-img\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/scx1.b-cdn.net\/csz\/news\/800a\/2024\/the-price-of-ethereum.jpg\" alt=\"The price of Ethereum has risen faster than bitcoin in recent weeks\" title=\"The price of Ethereum has risen faster than bitcoin in recent weeks.\" width=\"800\" height=\"530\"\/><figcaption class=\"text-darken text-low-up text-truncate-js text-truncate mt-3\">\n                The price of Ethereum has risen faster than bitcoin in recent weeks.<br \/>\n            <\/figcaption><\/figure>\n<\/div>\n<\/div>\n<p>Bitcoin has captured the limelight in recent weeks as it surged to a new record high, yet another major cryptocurrency, Ether, has been enjoying its own meteoric rise.<\/p>\n<p>                                                                                                                                    Launched in 2015, Ether, also known as Ethereum, is by far the second-largest digital currency in terms of total value, now estimated at over $460 billion.<\/p>\n<p>Along with other cryptocurrencies including Solana and Dogecoin, it benefited from the regulatory <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roval in the United States of a new bitcoin investment product, the exchange traded fund\u2014or ETF\u2014in mid-January, said James Butterfill of the investment company CoinShares.<\/p>\n<p>These ETFs allow investors to profit from any change to the price of cryptocurrencies without having to buy them directly, while also letting them sell at any time.<\/p>\n<p>The launch of crypto ETFs has led to an influx of new money, sending bitcoin to a fresh record on Friday of $70,085.<\/p>\n<p>Bitcoin&#8217;s rise has been well-documented, but Ether&#8217;s has been even more impressive, surging almost 72 percent year to date in comparison to bitcoin&#8217;s 61 percent rise.<\/p>\n<p>This strong performance is largely due to &#8220;expectations that an Ethereum ETF could be approved in the United States,&#8221; according to Dessislava Aubert of research firm Kaiko.<\/p>\n<p>Several asset management companies have applied for authorization from the US financial markets regulator, the Securities and Exchange Commission (SEC), to market these Ether investment products.<\/p>\n<p>The SEC must rule on the first such applications, from VanEck and Ark 21Shares, by May 23 at the latest.<\/p>\n<p>&#8220;Ethereum has started to wake up as investors are anticipating a potential approval,&#8221; Michael van de Poppe of MN Trading told AFP, adding that &#8220;people are rotating from Bitcoin to Ethereum as a potential investment opportunity.&#8221;<\/p>\n<p>                                                                                                        <!-- TechX - News - In-article --><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bigger_than_bitcoin\"><\/span>Bigger than bitcoin?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Beyond the ETF effect, the digital currency dreamed up by Russian programmer Vitaly Buterin has several other cards up its sleeve.<\/p>\n<p>For Simon Peters of cryptocurrency exchange eToro, Ethereum is also buoyed by the prospect of &#8220;Dencun,&#8221; a major upgrade to the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> underlying this digital currency, scheduled for March 13.<\/p>\n<p>This major change will improve transaction processing capacity and cut transaction costs, but also has the potential to unleash the growth of an ecosystem with multiple applications.<\/p>\n<p>&#8220;Bitcoin&#8217;s primary use is as store of value, while Ethereum has much more potential use cases,&#8221; Peters told AFP.<\/p>\n<p>For example, it is the destination of choice for non-fungible tokens\u2014or NFTs\u2014the certificates of digital authenticity that caused such a stir three years ago.<\/p>\n<p>The two cryptocurrencies are not in direct competition, according to van de Poppe from MN Trading, because Bitcoin is &#8220;hard money,&#8221; while Ether &#8220;is basically an investment for the entire blockchain and smart contract ecosystem.&#8221;<\/p>\n<p>Ethereum has already successfully negotiated two major technical transformations in recent years, including the switch to a less energy-intensive system in September 2022.<\/p>\n<p>James Butterfill said there is &#8220;increasing optimism&#8221; that a &#8220;Dencun&#8221; upgrade will &#8220;go without a hitch,&#8221; which would reinforce the currency&#8217;s credibility.<\/p>\n<p>He added that Ether, by the very nature of its operation, offers the &#8220;added benefit&#8221; of interest generated by its holders.<\/p>\n<p>                                                                                                                                            The mechanism for creating this currency involves owners putting up existing Ether coins as collateral in a process known as &#8220;Proof of Stake,&#8221; which differs from bitcoin&#8217;s energy-intensive method involving highly complex calculations, known as &#8220;Proof of Work.&#8221;<\/p>\n<p>Ether investors who agree to put up some or all of their holdings receive a fee of a few percent a year, in addition to any potential capital gain if the currency appreciates in value.<\/p>\n<p>The &#8220;Proof of Stake&#8221; process adopted in September 2022 has significantly increased the amount of Ether used as collateral, notes Simon Peters, currently at 21 percent compared with just 10 percent 18 months ago.<\/p>\n<p>&#8220;There is less Ethereum in circulation,&#8221; he said, adding: &#8220;If demand increases, given the squeeze in supply, then price should follow.&#8221;<\/p>\n<p>&#8220;I think that Ethereum is going to be outperforming Bitcoin,&#8221; said Michael van de Poppe, adding the total market capitalization of Ethereum could end up exceeding that of bitcoin.<\/p>\n<p class=\"article-main__note mt-4\">\n                                                \u00a9 2024 AFP\n                                            <\/p>\n<p>                                        <!-- print only --><\/p>\n<div class=\"d-none d-print-block\">\n<p>                                                <strong>Citation<\/strong>:<br \/>\n                                                In bitcoin&#8217;s shadow, another cryptocurrency, Ether, stages its own rally (2024, March 10)<br \/>\n                                                retrieved 10 March 2024<br \/>\n                                                from https:\/\/techxplore.com\/<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>\/2024-03-bitcoin-shadow-cryptocurrency-ether-stages.html<\/p>\n<p>                                            This document is subject to copyright. 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Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN63nwsw68G3Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more Like this articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/science\/\" target=\"_blank\" rel=\"noopener\">Science category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/techxplore.com\/news\/2024-03-bitcoin-shadow-cryptocurrency-ether-stages.html\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The price of Ethereum has risen faster than bitcoin in recent weeks. Bitcoin has captured the limelight in recent weeks as it surged to a new record high, yet another major cryptocurrency, Ether, has been enjoying its own meteoric rise. Launched in 2015, Ether, also known as Ethereum, is by far the second-largest digital currency&#8230;<\/p>\n","protected":false},"author":1,"featured_media":612179,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/scx2.b-cdn.net\/gfx\/news\/2024\/the-price-of-ethereum.jpg","fifu_image_alt":"","footnotes":""},"categories":[16],"tags":[],"class_list":["post-612178","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sciencee"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/612178","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=612178"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/612178\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/612179"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=612178"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=612178"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=612178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}