Saturday, May 8, 2021

Ethereum overtakes Bitcoin, doubles market capitalisation

This is coming at a time when investors both in Nigeria and around the globe are seeking better and credible alternatives to Bitcoin

• April 19, 2021
A photo of cryptocurrencies used to illustrate the story [Photo credit: CFO]

Ethereum, one of the leading crypto-currencies in the world has last week recorded a market capitalisation of over $280bn with a whopping 1,300 per cent year-on-year growth.

Data by reveal that Ethereum’s market capitalisation growth figure doubled that of Bitcoin and witnessed a quadruple surge from $66.2bn in December to $280bn last week.

Also, Bitcoin’s market capitalisation in the same period went up by 113 per cent, totaling $1.14trn last week, just as that of Tether rose by 123 per cent from December to reach $47bn.

Despite the global economic challenges in 2020 caused by the pandemic, more investments came through for the crypto market with Ethereum getting the most patronage and growth.

This is coming at a time when investors both in Nigeria and around the globe are seeking better and credible alternatives to Bitcoin just as fragile economies like that of Nigeria are still struggling to gain ground following the effects of the pandemic.

Data provided by CoinMarketCap revealed that in April 2020, the Ethereum market capitalisation was about $19bn which after six months, surged by 126 per cent to stand at $42.8bn in October.

The rising figure kept on all through the fourth quarter of 2020 as the Ethereum coins’ value further shot up in December to $.66.2bn

Furthermore, Ethereum daily global transactions as data made available by BitInfoCharts shows that there were around 650,000 daily Ethereum transactions in April 2020 while the month of August witnessed it achieve a milestone as it reached the one million mark.

It also revealed that the last three months recorded daily transactions of around 1.1 million which later rose to 1.2 million in April, representing a year-on-year increase of 84 percent while its daily trading volume increased from $16.7bn to $32.3bn.

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