alexa certify
0

Ethereum Outperforming Bitcoin in More Ways than Expected

Aside from Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies are booming. The unprecedented central bank stimulus measures and mounting demand for alternative finance fueled the surge.

Bitcoin’s price climbed about 30% so far this year. Huge gains seen by several smaller cryptocurrencies have left BTC in the dust. Ethereum – the second most famous crypto after BTC – has nearly doubled its value this year. The number of active Ethereum addresses is increasing at almost twice the rate of Bitcoin’s.

According to the data from the blockchain analytics firm Messari, the active address count of Ethereum has boosted by 118% since the start of 2020.

On the other hand, the active address count of Bitcoin has risen by just 49%.

Ryan Selkis, Messari’s chief executive, stated, “The level of development on Ethereum is crazy: initial coin offerings, stablecoins, mom-fungible tokens, decentralized finance applications, Web 3 use cases.”

He also added that Bitcoin is still the industry’s most dominant asset and its most important project.

This year, Ethereum’s price has also increased. ETH’s tradable token, ether, has recently traded at about $240. It was up to nearly 90% from $130 at the beginning of January. Meanwhile, Bitcoin has shown its post-coronavirus crash rally halted in its tracks since May. Most of the time, BTC tried and failed to overcome the psychological level of $10,000 per Bitcoin.

Even with the excitement roaming around Ethereum, the recent setbacks, including a warning that ETH 2.0 might delay its launching again, is leaving the door open for possible competitors.

Selkis mentioned that there is much demand for smart contract platforms of that scale. Due to this, there is a massive opening in the market. Ethereum 2.0 has had delays, processing prices are high, and well-funded rivals are launching imminently.

 

tFOSE in a Multi-Year Deal

Elsewhere, digital asset data firm, Brave New Coin (BNC), has signed a multi-year deal with the Toronto Futures Options Swaps Exchange (tFOSE) to power its crypto options trading.

The data from BNC will allow the new Canadian derivatives exchange and clearing-house to offer cash-settled crypto derivatives to worldwide clients.

The new partnership will see BNC design, calculate, and administer a suite of crypto indices to power cash-settled options trading to tFOSE.

 

Launching of Crypto Options

tFOSE’s president and chief executive, James Beattie, said that they chose BNC after the exchange did extensive research into crypto market data providers.

He noted, “Brace New Coin meets all of our needs, taking a unique approach to index design, methodology, and governance that will help tFOSE meet the specific needs of both our retail and institutional investors.”

Moreover, the exchange expects its crypto options to start trading during 2021. But tFOSE still hasn’t received approval for the planned contracts.

Also, the firms anticipate that the indices will be available for production by the fourth quarter of 2020. The companies are planning to launch the tFOSE BNC Litecoin Index first. Currently, BNC gives data and index services to Amazon Alexa, NASDAQ, and Dow Jones Factiva.

Comments Rating 0 (0 reviews)

Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. Subscribe now and receive FREE updates on the market today!

You might also like

Leave a Reply

Sending

Subscribe to Our Newsletters

Have the best of Finance Brokerage News delivered directly to your mailbox. Subscribe now to receive the latest market news.