Ethereum Market Value Rises 200% to $44.3bn in 2020
Cryptocurrencies continue their impressive growth in 2020, drawing more and more attention from investors in times of economic uncertainty caused by the COVID-19 outbreak.
According to data presented by AksjeBloggen, the market capitalization of the world’s second-largest crypto coin, Ethereum, soared by 213% YTD to $44.3bn, 2.5 times bigger increase than the leading cryptocurrency Bitcoin.
Amost 250% Jump After the COVID-19 Crash
After an impressive performance in the first two months of 2020, Ethereum market capitalization slumped by 58% in the second week of March, falling to $12.7bn, revealed the CoinMarketCap data.
However, the price of the world’s second-largest crypto coin quickly bounced back, with market cap recovering to $25.1bn in the second quarter of 2020. Statistics show the increasing trend continued in the third quarter of the year, with the combined value of all Ethereum coins peaking at $53.5bn in September, a 102% jump in three months. Although the last month witnessed a slight decrease, with the market capitalization slipping to $44.3bn, this value still represents a 250% jump after the crash in March.
As the world’s leading cryptocurrency, Bitcoin witnessed an 86% increase in market capitalization since the beginning of the year. In January, the combined value of all Bitcoins circulating in the crypto space amounted to $130.54bn. After a sharp fall to around $90bn in March, this figure surged to $176.2bn in June, a 95% jump in three months. Statistics show the market cap of the leading digital currency globally rose to $245bn at the end of last week.
XRP, the third-largest cryptocurrency globally, witnessed a 32% increase in market capitalization in 2020, with the figure rising from $8.4bn in January to $11.1bn last week.
Ethereum Hit Over 1 Million Daily Transactions in Q3 2020
Besides a surge in market capitalization, Ethereum also witnessed a significant increase in daily transactions worldwide. In the first quarter of 2020, the average number of daily Ethereum transactions amounted to 537,900, revealed the BitInfoCharts data. Over the next three months, this figure dropped by 14% to 463,100.
However, at the end of the third quarter of 2020, there were more than a million Ethereum transactions recorded daily worldwide, a 100% increase since the beginning of the year.
Pizza Hut Joins Burger King, Church’s Chicken to Accept Crypto Payments in Venezeuela
Pizza Hut has joined other global fast-food chains like Burger King and Church’s Chicken already accepting crypto payments in Venezuela.
This was confirmed by a crypto services firm, CryptoBuyer, on November 27 after pizza Hut stores in the South American nation partnered with Mega Soft to drive adoption in Venezuela by encouraging crypto payments in its over 20,000 shops and businesses in the country.
“Pizza Hut nowadays cannot be detached from these technological advances and all those incorporating new approaches for daily necessities,” said Richard ElKhouri, General Director for Venezuelan operations of the pizza chain, in an interview with local news outlet ElAxioma. “It is important that we accommodate young people, modern adults, and people technologically knowledgeable.”
According to Elkhouri, customers can buy pizza with Bitcoin (BTC), Litecoin (LTC), Dash (DASH), Binance Coin (BNB), Binance USD (BUSD), Ether (ETH), Tether (USDT), Dai (DAI), and its native token XPT.
This will further help deepen cryptocurrency adoption in the country and across the South American region.
Bitcoin Rebounds; Gained 7 Percent to $18,116 Per Coin Amid Renewed Demand
Bitcoin recovered most of its lost ground in the last 24 hours after dropping about $3,000 from $19,400 it exchanged a week ago to $16,800 per coin.
The world’s most dominant cryptocurrency gained 7.01 percent to close at $18,116.31 per coin on Monday morning at 8:46 am Nigerian time.
Investors jumped on the digital currency after Guggenheim Funds Trust filed an amendment with the U.S. Securities and Exchange Commission to allow its Macro Opportunities Fund to invest as much as 10 percent or $500 million of its $5 billion net asset in Bitcoin through Grayscale Bitcoin Trust (GBTC).
The news bolstered Bitcoin attractiveness as cryptocurrency investors interpreted as a new capital inflow that could aid the coin above the $20,000 per coin obstacle or resistance.
According to the amendment filed: “The Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust (“GBTC”), a privately offered investment vehicle that invests in bitcoin. To the extent the Fund invests in GBTC, it will do so through the Subsidiary.”
Cryptocurrency: Facebook Owned Libra to Launch Stablecoin in January 2021
Facebook Inc led Libra Association is planning to launch Libra stablecoin pegged to only the United States Dollar as early as January 2021, according to three anonymous people quoted by the Financial Times.
The stablecoin was initially proposed to be pegged to a basket of multiple currencies before the group faced several setbacks after the US parliament pressure Facebook on data breach and other issues that allegedly allowed Russia to meddle in the 2016 US presidential election.
The social media giant has now cut down on its ambition to focus on US dollar-pegged stablecoin in an effort to reduce regulatory bottleneck.
PayPal Inc., one of the first members of Libra Association that pulled out after regulators increased scrutiny on Facebook operations, has since started a cryptocurrency exchange business.
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