This January, we saw the biggest boom in the brief but exciting history of cryptocurrency. As The Guardian’s report on Bitcoin pointed out, the leading cryptocurrency’s leap above the $40,000 threshold marked an incredible 700% increase since the declaration of a pandemic in March 2020. This was a remarkable event, and while Bitcoin may yet return to a more familiar trading range, it has so far sustained a top-level.
While Bitcoin always dominates the headlines though, other cryptocurrencies were along for the ride. Perhaps most notably — or most strangely, at least — Dogecoin has experienced a sharp uptick as well. This was driven partly by a social movement online that saw crypto investors uniting to back the tongue-in-cheek asset (which is designed almost as a spoof of cryptocurrencies but holds real value nonetheless). Additionally though, as our recent look at Dogecoin pointed out, massive investments from Tesla CEO Elon Musk have also helped to push the cryptocurrency higher.
Bitcoin and Dogecoin make for fun stories for the crypto-curious public. The former remains the most powerful asset in the market and is reaching heights that many have long been waiting to see. The latter is something of a joke, but one that’s becoming a legitimate financial story. Somewhat lost in the attention Bitcoin and Dogecoin are attracting, however, is Ethereum — which is also seeing sharp gains of late.
Of late, in fact, Ethereum’s gains have been every bit as impressive as those of Bitcoin and Dogecoin, from a percentage standpoint. The recent heat maps on FXCM show that within the crypto market, the spikes in Ethereum’s value have actually exceeded those of all counterparts. As of this writing in fact, Ethereum’s latest leap is more than twice that of Bitcoin, by percentage. This sort of thing will fluctuate regularly, but the point stands that comparing gains across the crypto market produces a favorable picture for Ethereum.
In a vacuum, too, Ethereum has managed to reach new heights in much the same way Bitcoin and Dogecoin have. Just recently in fact, Business Insider wrote about the $1,800 threshold — a new high mark for the cryptocurrency, “continuing its upswing since the beginning of 2021.” The leap above said threshold was attributed in part to the CME’s launch of Ethereum futures trading. But it also clearly marks the continuation of a broader positive trend.
This is ultimately a good time to remember that Ethereum has often been looked at as a possible long-term competitor to Bitcoin. Looking at the two in terms of pure value, this has been an easy notion to shrug off. Ethereum, however, is designed to be adaptable and practically useful, such that many sees it gaining value in the years and even decades ahead. Whether or not this will ever come to pass is impossible to say, but the recent spike at least tells us that investors are still backing Ethereum’s potential.
In the end, it’s possible that we’ll see Ethereum enjoy the greatest percentage gains in the early 2021 crypto boom.
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