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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.”

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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Ethereum

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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