Ethereum (ETH), the world’s second most precious cryptocurrency, has more than tripled in value within the previous four weeks. This implies that investors are increasingly raising their bets at the fast-growing crypto-asset.
As at 5.00 am GMT, Ethereum was trading about $405, a 361.6% gain since March 12th, 2020, as it traded at $112. Its market capitalization currently stands at $45.3 billion.
Ethereum is your 2nd most precious cryptocurrency, since it currently has a market capitalization of $43.23 billion.
What could be the reason for Ethereum’s rise?
Kelvin Koh, the co-founder of a venture capital Spartan Black, gave an insight on what could be responsible for such surge in the ETH market. He said:
“The strong move in Ethereum has to do with the upcoming ETH 2.0 launch which is a major catalyst. Every phase of ETH 2.0 over the next 2-3 years brings ETH closer to its final state and will be catalysts for Ethereum.”
The strong move in Ethereum has to do with the upcoming ETH 2. ) 0 launch which is a major catalyst.
Every phase of ETH 2.0 over the next 2-3 years brings Ethereum closer to its final state and will be catalysts for $ETH.
— SpartanBlack (@SpartanBlack_1) August 1, 2020
What you should know about Ethereum: ETH is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control, or interference from a third party.
Ethereum is a decentralized system, fully independent, and is not under anybody’s authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing system around the world, which means it’s almost impossible for ETH to go offline.
Meanwhile, ETH miners are having a field day, recording the highest revenue levels (from USD) since Q3 2018. The % of the revenue that currently comes from fees is in a league of its own. The average is between April 2018 to April 2019 and was 3%.
In July, 22.2% of Ethereum miner revenue came from transaction fees. This is the maximum monthly value in ETH history and is somewhere a continuation of the sharp upwards trend at the previous 3 months.