Ethereum is Climbing Fast and Some Investors Netted Up To 11,000% in One Year

Photo: Reuters

(Daily Mail) - The world of cryptocurrency is dominated by the entity which started it all: Bitcoin. It is the oldest, most valuable, and best known digital currency by a distance. 

The number two by all these measures is Ethereum. Its value has actually risen faster in recent times but it does not receive anywhere near the same attention as Bitcoin.  

Ether, the coin which powers the Ethereum network, has soared almost sevenfold in the last 12 months and is now valued at north of $1,000.

What is Ethereum?

Ethereum is a network founded in 2015 by Russian-born Canadian Vitalik Buterin, who also started Bitcoin Magazine as a teenager and had written the white paper on it two years earlier.

What are Ethereum's main strengths and weaknesses?

Transactions take less time to be processed on Ethereum - about 10 to 15 per second against three to five per second on Bitcoin.

Recently, Ethereum launched a new blockchain known as the 'Beacon Chain' that uses a proof-of-stake consensus algorithm to run Ethereum 2.0. This version is said to use up far less energy than the original and can be scaled up better.

Is Ethereum a more stable currency than Bitcoin?

Where Bitcoin goes, Ethereum tends to follow. If Bitcoin is on a bull run, then Ethereum usually experiences the same phenomenon. And when the price of the former goes down, the latter drops likewise.

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