CoinMarket

Bitcoin Weekly Growth More Than Ethereum’s Market Cap

Bitcoin is having a huge year, and as the year comes to a close, the biggest cryptocurrency by market capitalization continues to see strong market development.

Bitcoin just passed the high prices of all time and topped out under $28,000. The sheer quantity of cash investors throwing into the asset, however, also draws attention. ATH rates, however, are not the only statistics that are gaining publicity. The Bitcoin market cap has risen by more than the size of the entire Ethereum market cap in less than one week.

This fact is almost surprising, as it reveals how much Bitcoin focuses on development and attention.

A quick search on CoinMarketCap reveals that in just seven days, Bitcoin’s market cap rose from $435.5 billion to $516.1 billion. That’s a rise of 80.6 billion dollars. The tweet from Dudas pointing out this figure was from about nine hours ago. The price and market cap of Bitcoin continues to rise, so over the last week, the real figure is well over $80 billion in added value.

Bitcoin is having a huge year, and as the year comes to a close, the biggest cryptocurrency by market capitalization continues to see strong market development.

Bitcoin just passed the high prices of all time and topped out under $28,000. The sheer quantity of cash investors throwing into the asset, however, also draws attention. ATH rates, however, are not the only statistics that are gaining publicity. The Bitcoin market cap has risen by more than the size of the entire Ethereum market cap in less than one week.

This fact is almost surprising, as it reveals how much Bitcoin focuses on development and attention.

A quick search on CoinMarketCap reveals that in just seven days, Bitcoin’s market cap rose from $435.5 billion to $516.1 billion. That’s a rise of 80.6 billion dollars. The tweet from Dudas pointing out this figure was from about nine hours ago. The price and market cap of Bitcoin continues to rise, so over the last week, the real figure is well over $80 billion in added value.

Both of the top cryptocurrencies saw increased use, and Ethereum carried out acceptance and a fundamental update. In addition to increased institutional interest in the asset class of cryptocurrencies, the dramatic rise in decentralized financial applications, or DeFi apps, is one of the biggest factors pointing to Ethereum’s development. There was less than $1 billion of total value locked (TVL) in DeFi applications at the beginning of 2020. The number, in less than a year, has topped $16 billion.

The big update by Ethereum early in December took the network from ETH 1.0 to ETH 2.0.0. With the introduction of ETH 2.0, the network’s verification process shifted from a method of Proof-of-Work (PoW) to Proof-of-Stake (PoS). To validate the network, network validators would no longer need to devote electricity and computing resources. Now, they’re already getting their Ethereum stakes. This move increases the transaction speed of Ethereum while reducing user transaction fees: a win-win for users of the network.

Bitcoin’s fundamental development causes some users to see this as a warning that Ethereum is being disregarded. The Brand Director for iTrust Capital, Anthony Bertolino, replied to Dudas’ tweet saying,

“This makes me incredibly bullish for ETH given the fundamentals between the two”.

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