• Ether has increased in value by 385% in 2020.
• Ethereum is gearing up for an update in July that will mark a new milestone.
Ethereum is the second most valuable decentralized currency on the market. This cryptocurrency once again set a record in its value reaching $3616.10, which increased its speculation. This new milestone caused many merchants to turn their gaze to its technology which is on the rise.
In the Bitstamp Exchange cold wallet, the cryptocurrency rose 4.0%, achieving a value of $3568.92. While Ether rose, other cryptocurrencies such as Bitcoin fell 0.3%, capitalizing at $57353.03. This new decline in Bitcoin would mark 11% in total from its all-time high when it reached $64895.22 in mid-April.
Ether goes up in spite of market decline
The Ether rise occurs due to the decline of other cryptocurrencies and the statements of its investors. From Elon Musk, Tesla’s SEO, to Stanley Druckenmiller, creator of Wall Street, they have talked about ETH These potential investors bring the cryptocurrency to life, encouraging other traders to invest in it.
Konstantin Anissimov, Director of CEX.IO, said: “Ethereum has maintained that positive momentum, showing a phenomenal series of all-time highs these weeks.”
However, Ethereum’s update with EIP 1559 has also helped in its capitalization. This proposal attempts to improve the ether token by reducing supply and improving its overall functionality. This improvement would be included by the end of July, and although it has not arrived, it has positively affected its value.
Many cryptographers have weighed in on the EIP 1559 update and agree to say it “will bring a wave of gains in cryptocurrency.” With these abrupt changes, Ethereum technology can reach new levels in its value, which will attract more investors. Without a doubt, July will be the month of mystery for Ethereum and everything points to an upwards trend.
Ether follows the Dogecoin uptrend
However, there is an uptrend in various classes of decentralized currencies. Dogecoin meme has also shown a good reputation in its value this week. Dogecoin marked a milestone in its category by rising 24,000% less than a year when it became popular. Something that associates Doge with Ether is that they share a similar investor, Elon Musk, which has increased their value.
The current rally of cryptocurrencies points to three favorites, Bitcoin, Ethereum, and Dogecoin, that reached a significant position. Although what will happen to decentralized currencies in the coming months is subjective, they may attract many investors.
Both Ethereum and Dogecoin have the strength to increase in value before the year is out. Bitcoin retains its position as the number one currency in the crypto market.
This is news that could encourage you to invest in Ethereum due to its most recent streak on the chart. In the next few hours, Ether could continue to consolidate or even have a higher rise in value.