Ethereum Crushes Bitcoin Growth Ahead of Network Upgrade

Ethereum outperformed other top cryptocurrencies, Bitcoin, last week, ahead of an upgrade that will help make its affiliate network faster and more energy efficient. The world’s second-largest cryptocurrency has increased by about 10% since Oct. Ethereum also surpassed alternative digital tokens such as Binance Coin and Cardano during this period.

The rise comes before an upgrade planned on Wednesday that could make the Ethereum network faster, scalable and lead to lower fees for users. Ethereum has risen nearly 1,000% in the last 12 months. This exceeds Bitcoin’s 380% gain, in part due to the network’s popularity for applications such as decentralized finance and immutable tokens.

Ethereum, like other cryptocurrencies, is prone to large fluctuations and lost more than half of its value before recovering earlier this year. Ethereum is trading around $4,200 at press time. Meanwhile, cryptocurrency liquidity provider B2C2 announced in a recent report that it is preparing to announce a potential Ethereum futures exchange-traded fund (ETF) for launch on the options market.

Bloomberg Intelligence strategist Mike McGlone wrote in a report on Monday: “The dollar value of Ethereum futures has risen to the level that Bitcoin was in July, suggesting that the ETF is trailing the second-largest cryptocurrency. It’s a matter of time.” “ETF providers have yet to approve the launch of ethereum-related products by the Securities and Exchange Commission, but they suggest futures trading, demand traction, and the inevitability of competition.”

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.