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Nigeria Top Nations Most Interested in Cryptocurrency, Ether

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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

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Ethereum

Ethereum Finally Upgrade From Proof of Work to Proof of Stake

Ethereum, the world’s second most capitalised cryptocurrency by capital, has successfully transitioned from Proof of Work (PoW) to Proof of Stake (PoS).

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Ethereum, the world’s second most capitalised cryptocurrency by capital, has successfully transitioned from Proof of Work (PoW) to Proof of Stake (PoS).

The transition popularly known as “Ethereum Merge” is a historic accomplishment that will significantly reduce energy usage and also reduce gas fees attributed to the process of validation under Proof of Work.

Exactly at 7:59 this morning, Vitalik Buterin, the Co-Founder of Ethereum announced the success of the transition via his official Twitter handle.

He said “And we finalized! Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today”

Up until now, ETH, the token of Ethereum, was generated by Proof of Work which alternatively means “mining,”. It is an energy-intensive process by which individuals directed huge amounts of computer power at difficult-to-solve puzzles.

Additionally, generating Ethereum through Proof of Work is not just difficult but also consumes a lot of energy to power computers that race to solve complicated math equations to validate transactions.

With this transition, Ethereum will therefore be generated by individuals and entities pledging large amounts of pre-existing Ethereum. 

This means that Ethereum users will need to make a pretty hefty investment upfront to authenticate transactions. However, Proof of Stake is expected to be much less energy intensive.

Before now, Ethereum claimed its carbon emission is believed to be at par with Singapore and its total energy consumption is comparable to the Netherland. This has therefore earned Ethereum some criticism, especially from environmental activists. 

The merge is however expected to lower Ethereum’s carbon footprint by over 99%, which could make the platform more attractive to environmentally conscious investors.

Ethereum was conceived in 2013 and launched in 2015 by a programmer named Vitalik Buterin and a host of others which include Charles Hoskinson (Founder of Cardano Network), Anthony Di Lorio and Joseph Lubin. It has thereafter grown to become the second biggest cryptocurrency after Bitcoin. 

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Ethereum

Ethereum Merge: Ethereum Appreciates by 4% Ahead of Merge

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Ethereum, the world’s second most capitalised cryptocurrency appreciated by 3.87% on Tuesday despite the uncertainty surrounding the Ethereum planned merge later this month.

Ethereum is scheduled to undergo a merge that would reshape the future of the digital asset from a project powered by miners through a process known as Proof of Work (PoW) to Proof of Stake (PoS) which is widely presumed to consume lower energy and subsequently, lower gas fees.

With $198.971 billion market capitalisation and 400 decentralised applications, the world’s largest protocol could be exposed to certain level of risks not anticipated in its planning stage given its current size. Therefore, investors and traders of Ethereum are generally expected to be cutting down on their exposure or holding by now ahead of September 15 planned merge.

However, on Tuesday the price of the token started appreciating. Suggesting that many retail traders looking to take advantage of the Ethereum merge have started increasing their holdings, a situation that could hurt their pockets and entire portfolio if the merge goes wrong.

Year-to-date, Ethereum has lost 54.77% of its value. However, in the last 24 hours, the coin gained $56.33 to $1,608.83 a coin.

Investors transacted Ethereum worth $2.62 billion in 1.09 million deals in the last 24 hours while the average fee paid per transaction was $1.94.

Since its inception, it has risen to an all-time high of $4,865.57 before plunging to as low as $880.93 a coin when the Luna-triggered bearish trend commenced. The total Ethereum supplied to date is 119.64 million.

Commenting on the Ethereum merge, the CEO of Bitcoin White Rock, Andy Long, said the Ethereum merge will force existing Ethereum PoW miners to seek other coins still operating with PoW to protect their investments.

“Hash rate will flow to alternative GPU PoW coins, and many miners will simply give up and try to sell off their farms of cards,” he said.

“Some miners will try to sell their High-Performance Computing (HPC) or GPU cloud services and will likely fail since there’s too much capacity chasing a limited amount of demand,” he added.

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Cryptocurrency Turnover Increased by 93% in Q1 2022

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According to Capital.com quarterly report, cryptocurrency turnover increased by 93 percent in the first quarter of 2022.

As shown by trading platform Capital.com, the Ether (ETH) to the United States dollar (USD) combination attracted the most traders from January to March 2022. The Dogecoin (DOGE) to USD pair was held by the most significant number of traders in 2021, according to the report. However, for the first time in the trading platform, the ETH/USD pair has seized the top spot for most traders.

The report showed that crypto turnover increased by 93 percent throughout the quarter. Despite the optimistic numbers, the report acknowledges that the increase in revenue does not reflect broader market trends because the figure was attained due to a few single-day volume surges.

The larger market is currently disinterested, according to Capital.com. The Bitcoin (BTC) slump from November to January affects retail traders’ interest in crypto, according to Capital.com’s head analyst David Jones. Crypto traders, according to the analyst, are “herd creatures” motivated by momentum.

Following a spike in investor involvement in January, the following months saw a drop. The number of digital asset traders on the platform fell by 16 percent in February. The following month, the number fell by another 10%.

On Monday, the price of ETH rose past $30,900, bringing it closer to the $2,000 barrier. Analysts cautioned, however, that despite the rebound, the prices’ upward trajectory may be less than the mid-year performance of 2021. On the other hand, some analysts believe that over the summer, the price could rise to $2,700.Meanwhile, the Ethereum Ropsten testnet is transitioning to a proof-of-stake (PoS) consensus.

Tim Beiko, an Ethereum engineer, announced that on June 8, the Ropsten testnet will combine with the new Ropsten Beacon Chain, which was deployed on Monday. Before the Ethereum mainnet migrates to PoS, two additional testnets, Goerli and Spolia, will make the switch.

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