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Ethereum

Canada Approves Two Ethereum ETFs in One Day

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Ethereum - Investors King

The approval comes just over two months after Canada approved its first bitcoin ETF.

Purpose Investments and CI Global Asset Management both received approval to launch an exchange-traded fund (ETF) in Canada that offers exposure to ether.

Purpose is the manager of Purpose Ether ETF and Ether Capital Corporation will consult. The ETH will be kept in cold storage with Gemini acting as the sub-custodian and CIBC Mellon Global Securities acting as the fund administrator.

CI Global Asset management will launch CI Galaxy Ethereum ETF on April 20 on the Toronto Stock Exchange (TSX), subject to TSX approval. It will charge a 0.4% management. CI GAM is the manager of the ETF and Galaxy Digital Asset Management (“GDAM”) serves as the sub-advisor.

The approval comes a little over two months after Canada approved the Purpose Bitcoin ETF which held 10,064 BTC in the first week of trading. Meanwhile, in the U.S., bitcoin ETF approvals have been piling up in the hope that new Securities and Exchange Commission (SEC) Chief Gary Gensler could change the regulatory agency’s attitude to the novel investment product.

“While bitcoin tends to get a lot of attention as it was the first major cryptocurrency, what ether and the Ethereum ecosystem represent is one of the most exciting new technology visions today in society,” Som Seif, founder and CEO of Purpose Investments, said in a statement. “By launching the first ETF in the world that directly owns and provides exposure to ether, we are enabling every investor to have access to this unique opportunity and ecosystem.”

Purpose ETF is designed to provide investors with exposure to ether by investing directly in physically settled ether. The ETF will offer three classes of units: Canadian dollar currency hedged units (ETHH), Canadian dollar non-currency hedged units (ETHH.B) and U.S. dollar units with ticker units (ETHH.U).

TradeBlock, a CoinDesk subsidiary, is the index provider for Purpose.

Ethereum

Ethereum Adds Over 38 Million New Addresses in 2021, 22% of All Ever Created

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The Ethereum network has recorded a surge in popularity, with more investors aiming to own part of the second-ranked cryptocurrency. The interest is highlighted by the number of unique new addresses created in 2021 alone.

Data acquired by cryptocurrency trading simulator Crypto Parrot indicates that an average of 149,843 new unique Ethereum addresses has been created daily in 2021 on a year-to-date basis. The highest number of new addresses was created on June 5th at 332,094. So far, in September, a total of 1,389,999 new unique addresses have been created.

Elsewhere, by September 2021, 38,256,193 new Ethereum addresses were created in 2021, accounting for 22.59% of all ETH addresses ever created to date. In general, the cumulative number of Ethereum addresses to be created since inception stands at 169,296,775.

Impact of Ethereum network upgrades on new addresses

Currently, the Ethereum network is undergoing upgrades geared towards transitioning from the proof-of-work protocol to the proof-of-stake system that is energy efficient.

The upgrades play a key role in determining the number of new Ethereum addresses created, and the report takes note of this factor. According to the research report:

“The drop in new addresses comes at a point the Ethereum network upgrade is expected to create a deflation over time as it modifies the auction process. Furthermore, with Ethereum transitioning to the proof-of-stake protocol, the network will likely experience an influx of new users who want to cash in on the staking.”

The new address follows the recent cryptocurrency bull market that saw Ethereum surge in value to a new all-time high price. However, the addresses have plunged in correlation with the general crypto market.

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Ethereum

Ethereum to Exceed Bitcoin’s Value Within Five Years: deVere CEO

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Ethereum will continue to outperform Bitcoin in 2021 and will, ultimately, exceed its rival’s value, predicts the CEO of one of the world’s largest independent financial advisory, asset manager and fintech organisations.
The prediction from Nigel Green, chief executive and founder of deVere Group which launched the pioneering app deVere Crypto in 2018, comes after a mixed few days for Bitcoin, currently the world’s largest cryptocurrency by market capitalisation.
Mr Green comments: “Ethereum (ETH) is outperforming Bitcoin (BTC) and it can be expected to continue this trend for the rest of 2021.
“Ether is up around 240% this year, while Bitcoin is up less than 38%. In fact, it has outperformed all other benchmark assets in the first half of this year.”
The deVere boss attributes two key factors that are driving Ethereum’s outperformance run.
“First, Ether has a higher level of real-use potential as Ethereum, the platform on which it is the native cryptocurrency, is the most in-demand development platform for smart contracts, thereby highlighting that network’s value not only as a platform for developers but as a worldwide financial utility,” he says.
“Second, investor enthusiasm for the game-changing transition to ETH 2.0, which makes the Ethereum network considerably more scalable, sustainable and secure. These upgrades represent a major boost not just for Ethereum but for blockchain technology itself.”
He continues: “Ethereum is more useful than Bitcoin and has tech advantages over its better-known rival.
“Ultimately, this will mean that its value will exceed that of Bitcoin – probably within five years.
“That said, I remain confident that Bitcoin will hit, or even surpass, its mid-April all-time high of $65,000 by the end of 2021.”
The deVere boss is one of the highest-profile, longest-standing crypto bulls.  Last month he was quoted in the media as saying “crypto is the inevitable future.”
The bold predictions followed a live virtual event at which Tesla and Space X founder Elon Musk, Twitter founder Jack Dorsey, and Ark Investment’s Cathie Wood all advocated for the digital assets and talked about their massive future potential.
Nigel Green concludes: “There will be peaks and troughs along the way of course, but Ethereum’s ascent to the top of the cryptoverse seems unstoppable.”

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A $1,000 Investment in Ethereum Five Years Ago Would Be Worth $195,000 Today

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The increasing number of investors continues choosing digital coins as an investment asset. Some of them invested in cryptos much earlier and watched their investments grow over time, despite the turbulences the crypto space witnessed throughout the years. As the world’s second-largest crypto coin by market cap, Ethereum proved an excellent investment choice with an impressive five-year return rate.

According to data presented by BlockArabia, a $1,000 investment in Ethereum five years ago would be worth nearly $195,000 today, bringing a whopping 19,400% gain.

Ethereum’s Price Soared 195 Times Since July 2016

As the world’s second-largest cryptocurrency after Bitcoin, Ethereum was released on July 30, 2015, and priced at $0.75. By the end of July next year, its price surged by 1,500%, already making him a successful investment.

Assuming an investor bought $1,000 worth of ETH on July 20, 2016, they would have picked up 83 coins priced at around $12. Three years later, in January 2018, Ethereum’s price soared to $1,396, turning that $1,000 investment into $115,800.

After a deep price fall in the following months and throughout 2019, ETH price recovered in 2020, as the entire crypto market boomed amid the COVID-19 crisis. Between January and December 2020, ETH price surged by 411%, rising from $144 to $737.

However, after an outstanding performance throughout the last year, Ethereum’s price exploded in 2021. Between January and March, it soared by nearly 150% to over $1,800 and continued rising. On May 12, it hit an all-time high of $4,297, turning that $1,000 investment into $356,650.

Although ETH’s price dropped significantly over the last two months, reaching $2,347 this week, that is still 195 more than its price from July 2016.

Ethereum Market Cap Surged by 233% YTD, 7x Bigger Increase than Bitcoin

Since the start of the cryptocurrency phenomenon, Ethereum and Bitcoin have been the most digital coins in the crypto space. However, unlike Bitcoin, Ethereum’s market cap soared in 2021, despite the recent crypto price crash.

After an outstanding performance throughout the last year, Ethereum’s market cap surged by more than 400% in the five months of 2021, rising from around $84bn in January to $442bn in May.

After the crypto price crash, Ethereum’s market cap almost halved in just three weeks, falling to $222bn in the third week of May.

The CoinMarket cap data this figure rose to $274.5bn this week. Although significantly lower than an all-time high from May, this still represents an impressive 233% increase YTD, which is seven times more the growth rate of Bitcoin.

Statistics also show ETH was the third most-traded crypto in the last 30 days, with a monthly trading volume of $517.8bn.

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