As of Friday, Ether currency jumped 5% in value, reaching an all-time high, and extending its winning streak by five more days. The Ether cryptocurrency was traded for as high as $2074.46 near 15:00 UTC and later was calculated at $2097 around 20:41 UTC.
The price of Ether rose 18% to 24% within the week after Visa’s arrangement to expedite its crypto-based dealings through Ethereum’s blockchain network. Even before this advancement, the value of Ethereum’s Ether currency increased triple its value from the previous year.
An announcement made Monday stated that Visa was working on a way to settle transactions from Ethereum in USD coin with aid from partner Crypto.com. While Ether is experiencing a favored trade in May, as it has previously done for several years, trends are continuing to travel upwards and many bets are being made in favor of Ether’s rising values.
For those of you who are not yet aware, Ether is a type of cryptocurrency. It is the cryptocurrency utilized by the Ethereum network, the second-most popular digital currency following widely known Bitcoin. Ethereum was launched in July of 2015, with the currency Ether being sold as early as 2014.
Cryptocurrency is the term used for digital currencies which are traded through online exchanges and stored in what are known as ‘cryptocurrency wallets.’ These transactions are made through blockchain technology, which takes note of all transactions made.
Ethereum intends to expand the use of blockchain technology for greater purposes. Not only does this remove centralization from the negotiation equation, but can also provide a tamper-proof way of creating completely digital financial contracts as well as applications. It takes the financial system onto an entirely new level of digital entry.
Ethereum is slightly different in function from its sister currency Bitcoin. Rather than being a simple means of monetary transactions, Ether currency is also used to initiate and carry out smart contracts and construct decentralized applications (also referred to as apps) which would encounter little to no downtime, fraudulence, or interference from potential third parties.
In comparison to Bitcoin, Ethereum can complete transactions within seconds rather than minutes, utilize an algorithm of ‘ethash’, and focuses more on contracts and applications rather than mere monetary trade. Ethereum is, however, much smaller in comparison to Bitcoin, with a market cap underneath $16 billion in January 2020, a huge difference from Bitcoin which stood at $147 billion.
Reported By: Zarrish