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Nigeria Top Nations Most Interested in Cryptocurrency, Ether

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Ethereum - Investors King

Cryptocurrency has become more prominent than ever before and one of the digital coins making the most noise is Ether. Unlike its closest crypto rival Bitcoin, people can build applications on top of Ethereum (the open source blockchain technology behind Ether), therefore making it a very attractive proposition for existing and potential investors.

With the digital currency hitting a record high of over $4,000 per Ether this month (May 2021), Invezz.com utilised online analytics tool Ahrefs to establish which countries in the world are most interested in Ether.

Invezz.com found that the United States is in the number one spot with a substantial average of 1,116,000 online searches a month for Ether. That is the equivalent of 36,000 online searches per day!

In second place is Germany, as there is an average of 736,300 online searches every month from Germans regarding Ether.

Turkey is in third position with an average 408,500 online searches a month from Turks curious about Ether.

Brazil (259,600), France (247,100), United Kingdom (230,000) and Canada (203,000) are among the other countries where there are more than 200,000 searches a month from their respective citizens monitoring Ether online, respectively ranking fourth, fifth, sixth and seventh.

In 17th place is Nigeria where there are an average 42,900 online searches each month from Nigerians checking the latest developments surrounding Ether.

When it comes to the price of Ether, there is an average of 11,430 online searches a month from Nigerians specifically checking the price of Ether.

At the other end in 20th position is Austria, where there are an average of 37,700 online searches per month from Austrians interested in Ether – comparable to 1,216 online searches a day.

Jayson Derrick from Invezz.com provides his expert insight on Ether:

“Ether exploded in value over the past year and likely generated life-changing returns for early investors who truly understood the concept from day one.

These days we are noticing high levels of interest from wealthier investors (i.e. those with at least $1 million in assets) who want exposure to cryptocurrencies. These investors tend to be more cautious in how they manage their life savings: they own physical gold bars and have taken advantage of IBM’s dividend reinvestment program for decades.

These investors tend to be more sophisticated and will pay for professional investment advice to maximize their return. They are not interested in “meme” cryptos like Dogecoin. Rather, they are interested in Ethereum and other large-scale coins because of their real life use.

Investors can see Ethereum DeFi projects playing out in real-time. Those who believed in the 2010s that Ether and Bitcoin were a “fad” are quickly changing their thought process and looking to invest now.

By 2030 the world of finance will likely not at all resemble what it looks like today and this is apparent to anyone paying even minimal attention. The extent that Ethereum will play in terms of financial transactions and smart contracts will be exponentially higher over the coming years.

This implies that the era of cryptocurrencies is still in its very early stages. Buying Ethereum at current levels, even close to the all-time high of $4,000, makes sense for investors with a long-term timeframe. A reasonable amount of exposure to Ethereum as part of a well-diversified portfolio across multiple asset classes is certainly a logical investment strategy and one that would be hard to argue against”.

Ranked: The Countries in the World Most Interested in Ether
Rank Country Average Monthly Online Searches for ‘Ether’ Average Monthly Online Searches for ‘Ether’ Per 1,000 Internet Users
1. United States 1,116,000 3.57
2. Germany 736,300 9.46
3. Turkey 408,500 6.58
4. Brazil 259,600 1.62
5. France 247,100 4.25
6. United Kingdom 230,000 3.53
7. Canada 203,000 5.97
8. India 192,000 0.25
9. Australia 124,000 5.86
10. Poland 105,300 3.03
11. Spain 93,900 2.21
12. Switzerland 93,700 11.79
13. Italy 71,800 1.97
14. Netherlands 68,900 4.33
15. Sweden 68,100 7.12
16. Vietnam 43,200 0.63
17. Nigeria 42,900 0.31
18. Indonesia 40,800 0.19
19. Argentina 39,100 1.16
20. Austria 37,700 4.90

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Ethereum

Ethereum Could Hit $8,000 In the Next Two Months – Goldman Sachs

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The American multinational investment bank and financial services, Goldman Sachs, has predicted that the price of Ethereum could hit $8,000 by the end of 2021. This prediction was reported in a research note circulated by Bernhard Rzymelka, the managing director of Global Market at Goldman Sachs.

According to Zerohedge, the research note explained in detail how cryptocurrency trading has corresponded with inflation breakevens since 2019.

Goldman Sachs Predicts Ethereum Could Hit $8,000 This Year

Referencing a chart showing the Bloomberg Galaxy Crypto Index (red) on a log axis and the USD 2-year forward 2-year inflation swap (blue), Goldman’s analysts noted that “the local backdrop looks supportive for ethereum.”

The analysts said: “It has tracked inflation markets particularly closely, likely reflecting the pro-cyclical nature as ‘network based’ asset. And the lastest spike in inflation breakevens suggests upside risk if the leading relationship of recent episodes was to hold (grey circles).”

They further pointed out that: “This lines up well with the ethereum chart.”

The Investment bank analyst further asserted that: “The market has started to press against the all-time high with a narrowing wedge: Either a sign of exhaustion and peaking … or a starting point of an accelerating rally upon a break higher.” The analyst also noted that “the RSI has yet to hit the overbought levels seen in past market highs.”

According to the research note, if the historical correlation between cryptocurrencies trading and inflation persists, there is a high probability for ethereum price to surge as high as $8,000 in the next two months.

In a recent price prediction by Finder.com, a panel of 50 fintech specialists predicts the price of Ethereum to hit $5,114 by end of 2021, $15,364 by 2025 and $50,788 by the end of 2030.

At press time, Ethereum (ETH) is trading for $4,475 with over $528 billion market capitalization. Ethereum has gained 7.63 percent in the last 7 days and 2.60 percent in the last 24 hours.

Goldman Sachs formally established a crypto trading team and launched bitcoin derivatives trading in May. In the following month the bank’s head of digital assets, Mathew McDermott, revealed plans to offer futures and options trading in Ethereum (ETH) in the coming months.

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Ethereum

Ethereum Market Cap Soared by 400% YTD, Almost Five Times the Growth Rate of Bitcoin

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As one of the top three cryptocurrencies, Ethereum skyrocketed in 2021, with its price and market cap reaching record highs, despite the crypto price crashes in May and September.

According to data presented by MejoresApuestas, the Ethereum market cap soared by more than 400% YTD and hit $425bn this week, which is almost five times the growth rate of Bitcoin in this period.

Market Cap 12% Below All-Time High in May

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

The CoinMarketCap data showed the combined value of all ETH coins surged by 490% in the five months of 2021, rising from around $84bn in January to an all-time high of $497bn in May. However, after the crypto price crash, this figure halved in just three weeks, falling to $222bn in the third week of May.

After dynamic June and July, the price of the world’s second-largest digital coin started rising again in August, driving its market cap to $392bn by the end of that month. Since then, the combined value of all Ethereum coins jumped by around $33bn and hit $425bn on October 11, which is only 12% less than the record market cap in May. Also, the CoinMarketCap data showed, Ethereum was the third most-traded crypto in September, with a monthly trading volume of $750bn, up from $393bn a month before.

In comparison, the market cap of the world’s most expensive cryptocurrency, Bitcoin, jumped by 95% year-to-date, while Tether saw a 224% growth in this period. Statistics show Binance Coin and Cardano were the only two among the top five cryptos witnessing a four-digit growth this year, with their market caps surging by 1,310% and 1,141% YTD, respectively.

Ethereum Price Quadrupled in 2021

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.

Three years later, in January 2018, Ethereum price soared to $1,396. 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. Statistics show that between January and December 2020, ETH price surged by 411%, rising from $144 to $737.

However, after an outstanding performance throughout the last year, the price of the world’s second-largest crypto exploded in five months of 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 and then plunged in June and July after the crypto price crash.

After a recovery in August, the world’s leading digital coins all witnessed significant price drops last month, following a ban on cryptocurrency transactions and mining from China’s central bank, which declared all cryptos illegal in the country.

However, statistics show ETH’s price significantly recovered since the beginning of October, reaching around $3,500 this week, which is four times its valuation from January.

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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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