Ethereum is the second-highest cryptocurrency concerning value after Bitcoin. Ethereum has been the highest contender of Bitcoin despite the fact that it’s almost half in value as compared to Bitcoin. As Bitcoin was observed to have impressive heights in value chart after Christmas, Ethereum did not remain behind in the race and also hiked up to dollar 700 for the very first time after three years of resistance from crossing the milestone.
Being the second highest cryptocurrency, ethereum has its place in the cryptocurrency market and has been of interest after the epidemic. The epidemic had an impact on financial activities across the globe, and cryptocurrencies were no exception. Even the top cryptocurrency Bitcoin faced a downfall in value during the epidemic. Even during the epidemic, ethereum managed to maintain its worth throughout 2020 and therefore gained interest from investors. Investors are always looking for a safe investment with low risk and higher outcomes; consequently, they turned towards Ethereum, keeping in view the unpredictable epidemic conditions in the coming year.
Bitcoin gave its investors a pleasant gift on Christmas by Rising significantly in value, but it did not stop right there as it kept on increasing for the next three days. This marketing strategy was implemented to sustain the Bitcoin market value and investors’ interest so that they can compensate for the surge in epidemic with higher market value. Bitcoin understood that value retention during the epidemic provided Ethereum with a better market position. Therefore Bitcoin had to do something not just to remain high in worth but also to sustain its market shares and selling levels.
When the value of Ethereum rose above $700, its Selling rate in the market also increased significantly because people are expecting it to make high moves like Bitcoin after Christmas, so they are trying to purchase this cryptocurrency as much as they can. Whenever I set is expected to rise significantly, investors and purchasers try their level best to buy it as soon as possible to take advantage of the rising price.
Whenever Bitcoin or Ethereum rise in their value, other cryptocurrencies remain far behind them. The owners of other cryptocurrencies are looking forward to the downfall of the two giants of cryptocurrencies to gain a better market value. However, no analysts can predict that Bitcoin or Ethereum would lose its importance in the coming year. In fact, they are most probably going to keep on increasing and reaching a much higher value and breaking their records in 2022.