Ether values surge to $4,600 a record high; bitcoin(BTC) falters

The wider acceptance of the BlockChain technology is fueling the surge in values of Ether which is the crypto token of the Ethereum Blockchain.

The number two cryptocurrency Ether has surged and reached the $4,643 mark. It represented a rise of 10% as compared to the previous day’s figures which were $4600. On the other hand, the number one crypto token is trailing.

Tether and USD Coin continues to dominate the stablecoin segment and Tether constitutes 60% of the total stable coin currently issued worth about $100 Billion.

The wider acceptance of the BlockChain technology is fueling the surge in values of Ether which is the crypto token of the Ethereum Blockchain.

The dizzying rise of the BTC to reach $67,016.50 on October 20 has given momentum to other tokens which are also known as the Layer 1 networks. Until the time of publication Bitcoin (BTC) was trading at $63,168.83. This represents a rise of 117% this year while the values of ETH have surged six times.

The cryptocurrency market suffered its worst phase at the end of September but since then it has been on a rising spree. Ether and BTC have been growing side by side and Ethereum is the clear winner in the Layer -1 Segment and will continue to grow due to positive market sentiments. Ethereum will be a major component in the NFT and metaverse ecosystem build-out.

Cryptocurrency has come of age and the multiple benefits accrued from the Blockchain technology has led to its wider acceptance in the conventional finance regimens. Today more and more banks are adopting cryptocurrencies. NFT’s has seen phenomenal growth on virtual gaming platforms. The launch of future based U.S. ETFs has all encouraged the average investor to turn his attention towards Blockchain tokens. 

This is one of the reasons which have fueled the bullish sentiments in the cryptocurrency market. Smaller players have also seen healthy growth especially after the metamorphosis of Facebook into Meta and an emphasis on constructing the ‘metaverse’, a shared virtual environment. The latest big player to aye the cryptocurrency phenomenon is Australia’s largest bank, Commonwealth Bank of Australia. It said that it will become the first bank in Australia to offer retail clients crypto services.

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