According to James Butterfill of the investing firm CoinShares, it profited from the regulatory approval in the US of a new bitcoin investment product, the exchange traded fund, or ETF, in mid-January, along with other cryptocurrencies like Solana and Dogecoin.
These exchange-traded funds, give investors the flexibility to buy and sell cryptocurrencies at any moment, as well as profit from changes in their price.
Due to the introduction of cryptocurrency exchange-traded funds (ETFs), bitcoin reached a new high of $70,085 on Friday.
The rise of bitcoin has been reported extensively, but Ether's has been even more remarkable, rising by about 72% year to date compared to bitcoin's 61% rise.
According to Dessislava Aubert of research firm Kaiko, "expectations that an Ethereum ETF could be approved in the United States" are substantially accountable for this impressive performance.
These exchange-traded funds, give investors the flexibility to purchase or sell cryptocurrencies at any moment, as well as profit from swings in their price.
Due to the introduction of cryptocurrency exchange-traded funds, or exchange-traded funds (ETFs), bitcoin reached a new high of $70,085 on Friday.
The rise of bitcoin has been extensively covered, but Ether's has been even more remarkable, rising by about 72% year to date compared to bitcoin's 61% rise.
According to Dessislava Aubert of research firm Kaiko, "expectations that an Ethereum ETF could be approved in the United States" are substantially accountable for this impressive performance.
Greater than Bitcoin?
The virtual currency created by Russian programmer Vitaly Buterin has a few more tricks up its sleeve outside the ETF effect.
Ethereum is also encouraged, according to Simon Peters of cryptocurrency exchange eToro, by the possibility of "Dencun," a significant technological advancement for this digital currency that is slated for March 13.
This significant modification will reduce transaction costs and increase transaction processing capacity, but it also has the potential to promote the development of an ecosystem with an array of uses.
Simon Peters points out that the quantity of Ether used as collateral has increased dramatically since the "Proof of Stake" method was introduced in September 2022; it was just 10% 18 months ago. Currently, 21% of Ether is utilized as collateral.
