Cryptocurrencies as a whole have had quite an incredible past few years. Since blowing up and creating multiple overnight millionaires five years ago, the crypto market has come a long way. People see it as a legitimate investment and asset, and some made a complete 180 and decided to buy it as well.
Furthermore, various companies have even started to accept cryptocurrencies as a means of payment. And with the rise in demand from both institutional investors along with regular investors, many countries have even started accepting crypto. And with so many people now coming to the market, it was obvious that cryptocurrencies would see a hike in price.
Bitcoin absolutely managed to grow in terms of value, managing to reach a new record of $60,000+ during a single year. Other cryptocurrencies in the market also started to raise, namely Shiba Inu, which is now wrestling against Dogecoin for its spot on the top ten biggest cryptocurrencies.
But if we were to look at the numbers, they tell a completely different story. Even though the poster child of the crypto market has been steadily rising, it still shrivels in comparison to the progress of Ether.
When the crypto market started to come into its own, the two biggest cryptocurrencies at the time were Bitcoin and Ether. Both cryptocurrencies represented sides of the crypto industry. Bitcoin represented the currency side of the market, and how it had the infrastructure to work as a secondary or even primary tender. And Ether represented the developmental side of crypto, as it had the blockchain that would help people make necessary software for the industry.
And this year, cryptocurrencies like Ether managed to rise above its older siblings by quite a margin. Despite still seeing a fraction of the price that Bitcoin has, its price was able to gain by 500%. At the end of this incredible rise, Ether was trading at $4,400, an all time high for the second biggest cryptocurrency in the market.
Of course, that is just the beginning for Ether. Recently, a company released Bitcoin ETFs into the NYSE to incredible success. On the first day, the ETF was able to trade a billion times, making it a breakout success in the market. Following in the footsteps of the poster child of the market, it is possible that an Ether ETF could be coming some time soon.
In fact, many speculate that an Ether ETF is next on the SEC’s list for actions to take in favor of crypto. And if that happens, it could spawn in a new wave of crypto ETFs throughout the world.