Bitcoin (BTC) has skyrocketed nearly 22% in a week, but that spectacular gain is easily eclipsed by Ethereum (ETH), the number two cryptocurrency in market capitalization.
What happened: ETH’s earnings in the same period were almost double that of Bitcoin, almost reaching 59%.
The cryptocurrency founded by Vitalik Buterin surpassed the $ 1,000 mark on Sunday and is hovering close to its 52-week high, $ 1,128 so far.
The astronomical increase in ETH prices has not gone unnoticed among the cryptocurrency community.
Cryptocurrency journalist Joseph Young noticed on Twitter that ETH has gone up ten times since the low hit in March.
The daily volume of Ethereum at Binance exceeded $ 3 billion.
$ 3,000,000,000.
The volume of Bitcoin at Binance is $ 3.9 billion.
– Joseph Young (@iamjosephyoung) January 4, 2021
Why it matters: Cryptocurrency and Olympic investor Tyler Winklevoss tweeted Sunday that Bitcoin and Ethereum “are already the biggest hits of 2021.”
Possessing $ ETH and $ BTC in this market it’s like being bisexual in an orgy.
Get over that tweet.
– Don’t follow Shardi B if you hate money (@ ShardiB2) January 3, 2021
Meanwhile, the cryptocurrency exchange Deribit said over the weekend that interest on ETH options reached a new record of $ 1.1 billion.
$ ETH Open options reach a new historic high of $ 1.1 billion
85% of the total OI of the ETH options market is held in Deribit!$ ETH price ~ 1050 USD $ ETH highest option strike – 7K on December 21
– Deribit (@DeribitExchange) January 4, 2021
Since the beginning of the year, BTC investments have generated returns of 12.65%, while ETH obtained colossal returns of 46.34%.
Grayscale Bitcoin Trust (OTC: GBTC) and Grayscale Ethereum Trust (OTC: ETHE) closed down 2.74% and 9.14 to $ 32 and $ 15.50, respectively, on Thursday.
Price action: Bitcoin was traded 2.7% lower at $ 32,953.22 and Ethereum has traded 41.71% higher at $ 1,112.88 to date.
See too: The top 5 smart contract platforms are outpacing Bitcoin today
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