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Bitcoin’s rise and popularity are overshadowing the resurgence of a rival digital asset that some believe may one day surpass its predecessor.
Ether coins, which run atop the Ethereum blockchain, have risen roughly 5.7% so far this week, compared to bitcoin’s BTCUSD.
almost 13% up in the same period.
However, a grueling rally for Ether ETHUSD,
helped him record an increase of nearly 292%, versus bitcoin’s gain of about 157% so far in 2020.
Ether topped $ 500 on Friday, marking its highest level in over two years and shedding light on the cryptocurrency which is the second largest by market value and arguably by popularity in the nascent digital asset industry. However, unlike bitcoin, which was down less than 10% from its December 2017 record, ether is still a long way off its $ 1,433.
For this reason, some cryptocurrency enthusiasts have stated that the ether is a better bet for those looking to dip their toes in the resurgent waters of blockchain assets.
Like bitcoin, Ethereum is an open source decentralized platform known for the ease with which developers can write smart contracts on top of its blockchain protocol. These include contracts that can help facilitate, for example, the documentation and sale of property without an intermediary.
The platform is undergoing a transition to a so-called proof-of-stake, which benefits those who hold a larger share of aether coins rather than those who spend huge amounts of computing power to mine coins, as is the case with bitcoins.
CoinDesk’s Omkar Godbole says the transition to ethereum 2.0, scheduled for next month, could spark more demand for ether.
Proponents of the Ethereum blockchain are pushing for greater transaction efficiency with its latest planned update. Those who prefer Ethereum over the older and more popular bitcoin are hoping for a day when the market value on the Ethereum platform, now around $ 58 billion, surpasses that of bitcoin, currently at $ 344 billion, according to CoinMarketCap.com.
CoinMarketCap.com
Both Ethereum and Bitcoin boast higher earnings than traditional assets. The Dow Jones Industrial Average DJIA,
rose 2.7% this year, the S&P 500 SPX Index,
gained 10.4% over the same period and the Nasdaq Composite Index COMP,
it grew by almost 33% in the current year.
Meanwhile, gold GOLD,
against which bitcoin and sometimes ether collide, has risen by 23% relatively daily.
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