Why is Ether Coin rising (Ether Coin Quantity)

08/13/2023 15:24 • Daily Digest • 67 views

Why is Ether Coin rising on Ethereum? Ethereum’s market value is currently $500 million, and the price of Ether Coin has nearly quadrupled in the past year.

The price trend of Ethereum is mainly influenced by two factors: the increase in transaction fees due to network congestion, and the continuous rise in popularity of DeFi.

Ether Coin is a major competitor to Bitcoin and Litecoin, and it is an important part of the entire cryptocurrency market.

During the Bitcoin bull market, the price of ETH soared, reaching over $200 from around $150. However, it later dropped back to around $100. Although the price of Ether Coin has also been increasing, it started to show a downward trend with the decline of DeFi hype.

According to Etherscan data, from December 1, 2017, to the end of February 2018, Bitcoin’s average increase reached 5%, while Ethereum has been in a continuous decline. In early December 2017, Bitcoin dropped below $300, with its lowest price reaching $250. It then continued to decline until mid-October 2017 before gradually rebounding and maintaining a low level. As a result, the price of Ethereum was eventually suppressed back to its original level.

So why did Ether Coin experience a sharp decline? We will explain it in one sentence:

First, we know that the price of Ether Coin has a direct relationship with Bitcoin. Bitcoin is synonymous with Ethereum, and it is an asset based on blockchain technology. Because it is a decentralized, peer-to-peer network, it has features such as anonymity. On the other hand, Ether Coin serves as a payment tool that allows people to transact without relying on third-party intermediaries. When you store your money in this digital world, it is a good choice because it means you can use your funds anywhere (whether through exchanges or other channels). If you want to buy Ether Coin, you must hold Ether Coin (meaning users need to transfer their ETH to another person) instead of storing it like traditional financial institutions. If someone wants to own Ether Coin, they must store their own cryptocurrency or keep it in a cold storage vault, and they must obtain the support of fiat currency, such as legal tender, and cannot provide information to government authorities. In other words, even without government intervention, Ether Coin may not exist in this situation. The second reason is that when you convert Ether Coin into cash, you will find that you do not actually need to trust any individuals or entities. For example, you cannot control your Ethereum private key. So you only need to trust someone’s computer code to generate an Ether Coin. In addition, you can also view all the data behind the smart contracts at any time. The third reason is that if someone creates a new account and registers a new account in their account, that account will be permanently locked. Finally, to ensure that user privacy is not affected, your Ether Coin will not be lost and will not become a scam. The fourth reason is that your address may be associated with criminal activities, which may trigger hacker attacks and fraud, and cause chaos within the Ethereum community. The fifth reason is that Ether Coin itself is not created by one person.

Ether Coin Quantity

In the past 24 hours, there have been zero coins of cryptocurrencies such as Bitcoin, Ethereum, and XRP worth over $10,000. The top five are BNB, BSV, DASH, ZEC; the biggest decline is ETC, XLM (already deleted) and OMG; the second-ranked is Zcash (not updated).

In terms of market value, the total circulating market value is only about $400 million, but the quantity will decrease with the withdrawal of exchanges. According to Coinmarketcap’s data, at the time of writing, less than 10% of global digital assets are zero coins. (CryptoPotato)

In addition, according to Bitcoinist news, in recent times, there have been over 1,000 tokens listed on CoinMarketCap without any new coins being listed, and this data is steadily increasing.

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Why is Ether Coin rising (Ether Coin Quantity)

Ether Coin Quantity

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