Despite Bitcoin having a great end to the year, it has failed to stay about $16,500, and on Coinbase, one of the largest exchanges in the US is currently trading Bitcoin at $14,800. This has not been helped by the fact that Microsoft announced that they would stop accepting Bitcoin as a payment method.
The coin that has been standing out over the past few days has undoubtedly been Ethereum, which was recently pushed out of the second position of the largest crypto by market capitalisation, following the surge of Ripple. Ethereum has a daily volume of around $7billion, which is double the average for the past month. It conquered $1,000 on 4th January, and has steadily climbed to $1,231.
This has caused great congestion though, and transaction fees, which are known as gas continue to rise. This has led Bittrex to temporarily stop creating new wallet addresses for Ethereum deposits. A spokesperson for this exchange said;
“Due to incredibly high gas prices, we’re preventing new ETH and asset deposit addresses from being created. Existing deposit addresses will work as normal.”
Ethereum is not the only coin to be performing well. Dentacoin, a payment solution for the Dentistry sector was up nearly 300%, and KIN has performed very well jumping to 48th position and at one point, it reaches a market capital of $1billion, which is a massive leap from $50million in December – this is an increase of a whopping 1,900%.
This just goes to show that cryptocurrencies are really going nowhere quickly, and more and more people are investing in them. What this has on the future of traditional currency remains to be seen, but now is a great time to start investing in virtual currencies – and this is simply proven by Ethereum’s leap ahead of Bitcoin.
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