8 Statistics Regarding the Rise of Ethereum as a Leader in the Cryptocurrency Market
Ethereum is a rising star within the cryptocurrency market. This article examines eight recent statistics regarding Ethereum from mid-2017 to early 2018 and analyses their significance in assessing the performance of Ethereum.
1. According to BitInfo Charts on the morning of 13 February 2018, Ethereum’s market capitalization is once again on the upswing at $82,791,923,205 USD. Ethereum has a track record of solid performance, and this relatively new contender in the cryptocurrency market just continues to grow. Debuting in 2014, Ethereum has enjoyed an overall positive trend of growth that demonstrates investors’ and market experts’ assessment of its enormous potential even in a fairly volatile market.
2. The website of the World Coin Index shows that Ethereum’s performance continues to be strong, with prices right around $840 for both the Ethereum/USD and Ethereum/BTC pairs. The Ether continues to be a solid performer in major market pairings. Its value has generally been fairly steady. The lack of peaks and valleys with enormous deltas shows that Ethereum is a strong, steady competitor in its market and means that those who want to know roughly what to expect from their stock portfolio can invest with confidence.
3. Analysis of the cryptocurrency market by eToro shows that Ethereum had a 1-year return of 7,313.41% and prices still on the rise. This outstanding statistic shows that Ethereum had an incredibly strong year in 2017 and will continue to do well into 2018. Ethereum’s growth dwarfed that of the majority of its competitors, including the bitcoin. This demonstrates its potential as an up and coming industry leader and makes it an attractive option for many investors.
4. The price of Ethereum was still on the rise in early 2018 even while the cryptocurrency market overall had taken a hit, according to the Ethereum price website. This provides additional evidence of Ethereum’s strength and future potential. In early January, the overall cryptocurrency market took a hit but in contrast to the performance of its competitors, Ethereum’s price reached an all-time high. At $1,384.99 on 10 January, Ethereum was stronger than ever. This makes it an attractive options within the cryptocurrency market, and industry experts have taken notice. Ethereum is now considered not only a main competitor to bitcoin but a possibility to supplant it as the industry leader.
5. Ethereum is the #2 ranking cryptocurrency as of early 2018, outperforming nearly all of its competitors according to the CoinMarketCap website. Ethereum is only a few years old and already at the very top of the industry. It currently ranks second in the cryptocurrency market ahead of competitors such as Cardano and Neo which it is significantly outperforming. In fact, the only cryptocurrency currently ranked above Ethereum is bitcoin. The next closest competitor, third ranked Ripple, has a much higher circulating supply but a price of barely over $1 compared to Ethereum’s slightly over $843 and not even half the market capitalization of Ethereum. The data clearly support that Ethereum is a top contender to become the industry leader, especially considering the fact that expert analysis suggests it may soon overtake bitcoin and attain the number one ranking in the cryptocurrency market.
6. Transaction history charts from Etherscan, the website of the Ethereum block explorer, show that the number of daily transactions continued its trend of steady growth at the end of 2017 and into 2018. People are certainly taking notice of Ethereum’s potential and its transaction history reflects this, continuing to grow as trades on the Ether retain their popularity. This is a positive indicator which shows that there is still strong and increasing interest in Ethereum despite a somewhat sluggish overall market. Clearly, Ethereum was not merely a short-lived fad within the market that had a burst of popularity before fading into obscurity. Instead, it started out slow and steady, experienced amazingly strong growth, and continues to do well. This bodes well for the future of Ethereum, especially since transactions in mid-February 2018 were once again on the rise, showing its continued utility and popularity.
7. Ethereum ranks near the very top of the market for trade health, outperforming all but one of its competitors with a 13 February 2018 statistic of 2.6659% according to the Cryptocurrency Chart. Lining up nicely alongside all other evidence, yet another indicator points to Ethereum’s solid performance as a top cryptocurrency. Again, its only true competition remained bitcoin, leaving all other competitors behind and once again demonstrating why it is popular. Here is hard data as proof that one can trust the performance of these trades, and confidence is key for investors, especially in today’s market.
8. Ether cryptocurrency running on the Ethereum blockchain caught the attention of market analysts in mid-2017 when its price increase of more than 2,000 percent was noted as evidence of its strong future potential, according to a Tech Transformers CNBC Special Report. The time is right for competitors to emerge against bitcoin, which faced a bullish market in mid-2017, and Ethereum has caught attention as the rival most likely to cause a shakeup and take the industry’s number one ranking for itself. A CNBC Special Report from the end of May 2017 examined the enormous potential of Ethereum and concluded that much of the reason for its strength lies in its differences from other cryptocurrencies. Ethereum technology is attractive within the cryptocurrency industry because it is innovative and its design supports smart contract applications which are a new focus for many businesses. Smart contracts are computer programs that can detect the completion of specified conditions and automatically execute contracts. Such applications are yet another advancement in automation and in turn are intended to increase efficiency, making them, and consequently Ethereum too, very attractive to businesses.