The crypto market rally is not the domain of Bitcoin alone. The price of Ether, the second currency in its market value among cryptocurrencies, crossed the $ 600 threshold today (Monday), for the first time since June 2018. Ether (ETH), the currency of the blockchain platform Etherium, Has jumped in the last day by about 11%, according to the Messari website, which tracks market data. Since the beginning of November, the dollar’s dollar has jumped 52%, completing a 362% increase since the beginning of the year.
Similar to Bitcoin, the largest currency in the crypto market, Ethereum’s currency has enjoyed a positive trend in recent months. From the low of only $ 88, to which the price of ether fell on March 13, it has today reached a price of $ 604 – that is, a jump of 586% in just about 8 months.
The positive trend is also reflected in the market value of Etherium, which is currently approaching $ 68 billion – its highest level since May 2018. Etherium has a share of about 12% of the total value of the crypto market, which currently numbers more than 7,700 types of coins. Digital, according to data from the CoinMarketCap website. Bitcoin has the largest market share among cryptocurrencies – at a rate of about 62.5%, as of today.
This afternoon, the price of Bitcoin reached an average level of about $ 18,730, after an increase of about 35% since the beginning of November. Last Saturday, Bitcoin climbed to a level of 18,936 – only 6% lower than the all-time high of $ 20,089, which it reached shortly on December 17, 2017.
Another week to upgrade the blockchain
So what launches the Etherium currency? Last week, we published an analysis in Globes, in which we reviewed the factors that led to the jump of Bitcoin in recent months. Several of these factors, and especially the positive sentiment that has developed among investors around the world towards the crypto market, have also contributed to Ether’s high returns. However, in addition to these, there is now a special interest in Ether on the market, ahead of the long-awaited upgrade of the Ethereum blockchain platform and the launch of its next generation, Etherium 2.0. Daniel Heiman of the ConsenSys blockchain group spoke at length about the goals of this upgrade in an interview with Globes in July 2019. Leading the move is Vitalik Butrin, one of the founders of Etherium.
Etherium 2.0 is an upgrade designed to address the scalability issues in the 2015 blockchain platform. Scalability is the ability of a system or network to grow to address an increase in the amount of activity and the load on it. The launch date of Etherium 2.0 is set for December 1, next Tuesday.
One of the significant changes in the Ethereum upgrade is the shift from a proof of work mechanism to a proof of stake mechanism as part of the platform’s new coin mining process. For the launch of the upgrade next week, the chain requires it to hold 524,288 ether coins (at a current value of about $ 315 million). According to EtherScan website, about 323,000 coins are currently held online – more than 60% of the threshold required for launch.
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