News on Medial

In bitcoin's shadow, another cryptocurrency, Ether, stages its own rally

Economic Times · 8m

Ether, or Ethereum, the second-largest cryptocurrency by total value, has experienced a significant surge in recent weeks. Its rise has been attributed to the approval of bitcoin investment products, such as exchange traded funds (ETFs), which have attracted new investors. Additionally, expectations of a potential approval of an Ethereum ETF in the United States have further contributed to its performance. Furthermore, the upcoming major upgrade to Ethereum's technology, known as "Dencun," is anticipated to improve transaction processing and reduce costs, potentially unlocking further growth. Unlike bitcoin, Ethereum offers a broader range of use cases and has successfully navigated previous technical transformations. The Proof of Stake process used by Ethereum also provides additional benefits to its holders, such as earning interest. As a result, experts believe that Ethereum could potentially outperform bitcoin and even surpass its market capitalization.