Bitcoin goes down, cryptocurrencies goes up: Why are other prices rising?
With all of the tumultuous events rocking the globe over the past year, the world of money, of course, was not left unscathed. Between the r/wallstreet_bets scandal and the viral news surrounding the burgeoning Dogecoin currency, there have been massive changes in the ways people spend, make, and save money over the past year and a half.
Cryptocurrency has been on the minds of investors for years now, but new cryptocurrencies and their rising prices have made crypto more relevant than ever before.
The latest in the constantly changing news surrounding cryptocurrencies and their prices is the new forms of crypto which seem to be putting Bitcoin to shame. As Bitcoin seems to become less important in the world of cryptocurrencies, other crypto prices are jumping into the spotlight. Ethereum is the newest crypto taking center stage.
Earlier today, Forkast reported that Ethereum prices recently shot up to over $3200, making co-creator Vitalik Buterin join the billionaire club.
Furthermore, Buterin is now the youngest billionaire who made his loot with cryptocurrency, thanks to the rising prices of ETH, “the native cryptocurrency of the Ethereum blockchain,” which has shot up 320% since the beginning of 2021. Buterin is not only the youngest cryptocurrency billionaire, but also the second youngest self-made billionaire in the world, behind twenty-five year-old Austin Russell.
If you’re anything like us, this business of cryptocurrencies is wildly dumbfounding; how is it possible some twenty-seven year-old can invent a new currency having such value in just a short amount of time? How does crypto actually work? We’ve got the facts, so we think we can make sense of why ETH prices have been able to rise to such heights lately.
According to reports explaining the surge in prices for ETH, there is a traditional internet we’re all using today, but there is also an “internet of the future” coming in which Ethereum is more suited to capture value.
Basically, applications like Google & YouTube have value on the internet, not the internet itself. With the new internet of the future, the internet itself will have value, and Ethereum will make up some of the base layer of the new internet. Buying ETH is like buying a share of the Ethereum network, which will make up a layer of the internet itself. Mind blown. Heavy stuff.
While Ethereum takes the focus of conversation about cryptocurrencies and their prices, many early investors in the Coca-Cola of crypto are wondering how the heck Bitcoin will be affected.
CNN reported today that Bitcoin rose four percent on Monday, maintaining the crypto is still the largest in the world, with one Bitcoin valued at over $57,000. But will Bitcoin be affected by the recent surge in prices of Ethereum and other cryptocurrencies like it?
It’s hard to say how Ethereum will affect Bitcoin in the future, but for now the crypto doesn’t hold a candle to the value of Bitcoin. CNN reported Bitcoin experienced a surge in value over the past year, the rise coming from increased adoption from Corporate America. Now PayPal & Square are making Bitcoin easier to buy & sell than ever before, and it appears Bitcoin isn’t going anywhere soon.
The often confusing & strange world of cryptocurrencies continues to evolve, as new cryptos pop up each week, with a certain crypto rising more & more in value & relevance in the crypto landscape. This week, it looks like Ethereum is the cryptocurrency to watch, as reports seem to imply owning the crypto will someday mean having stock in the internet itself. However, ETH or no ETH, Bitcoin isn’t going anywhere.