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Ethereum and The Fame it Deserves

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Snapshot

  • Reason for Ethereum
    • Grayscale
    • Cathie Wood and Ark Invest
    • Settlements
    • Partnership
    • Ethereum 2.0

Despite the rise in the popularity of various altcoins, Ethereum is still the largest altcoin in the market and maintains the largest share in the DeFi market.

The consistent growth of Ethereum explains its bullish nature. Few reasons that have led to this bullish nature of Ethereum are discussed below:

Reason for Ethereum Explosion

Grayscale

Grayscale investment is one of the largest digital asset investors in the world, having Bitcoin holdings of over 650,000 BTC and Ethereum holding of over 3 million. Apart from these two they also hold various other altcoins, with a total of $44 billion in digital assets under management between all funds. 

In crypto currency the biggest fund of Grayscale is Bitcoin, but in altcoins it is Ethereum.

Cathie Wood and Ark Invest

Cathie Wood has always shown interest in Bitcoin, but now this has changed. It’s not just Cathie wood who has chosen Ethereum but it’s the entire team of Ark invest that has shown interest in Ethereum.

From all the altcoins available in the market the analyst team at Ark Invest, after their intense research has selected Ethereum. 

A few weeks ago, Cathie Wood was all praise for Ethereum and was very fascinated by DeFi. She stated that DeFi was lowering the cost of infrastructure in the financial service industry. Cathie Wood and his team of analysts at Ark Invest have shown a lot of confidence in Ethereum and are confident in the altcoin, touching new boundaries. 

Settlements

Ethereum has settled transactions up to billions of US Dollars in the past few years. In 2018 it was over $400 billion, in 2019 it was around $280 billion and in 2020 there was settlement of trillions of dollars of transactions. 

Partnership

Ethereum has formed partnerships with many organizations. Some of the recent partnerships of Ethereum are enlisted below:          

  • TikTok: TikTok is all set to launch creator-led NFT collection, layer 2 solutions have been used to build this NFT marketplace.
  • Visa: Ethereum is used by them to build a universal payment channel to interlink all CBDCs (Central Bank Digital Currency).  
  • Bitpay: A partnership with VeriFone which is using Ethereum payments for its 46 million consumers via point of sales system  
  • Credit Suisse: It is working to create Ethereum-based shares in a Swiss resort, in partnership with Swiss crypto custody and platform Taurus.  

Ethereum 2.0

A new and improved version of Ethereum is expected to be launched in the next three to six months. Ethereum 2.0 will be able to address the issues related to speed and transaction cost that the users are facing at present. It is expected that the launch of Ethereum 2.0 will be one of the biggest events in crypto history. 

Disclaimer: The article should not be considered as any financial advice. It is advisable to conduct thorough research before investment.

Photo by – vjkombajn on Pixabay