New Delhi, February 7
As the surging Bitcoin grabs most of the headlines, Ether or Ethereum, the second biggest cryptocurrency, is touching record valuation and could still be bought cheaper—for nearly Rs 1.16 lakh or $1,600 for one Ether.
According to industry players, Bitcoin which is hovering around $40,000 is beyond the reach for most investors while Ether that has touched an all-time high is still within reach.
According to Rahul Pagidipati, CEO, ZebPay, Ether tends to follow Bitcoin.
“Now that Bitcoin has hit a record high and is consolidating, investors are adding Ether. Together the two cryptocurrencies constitute nearly 80 per cent of the total crypto market cap,” Pagidipati said.
“Nearly 3 million ETH ($3.8 billion) have been locked up for long-term staking, removing them from the buyable supply. With lower supply comes higher prices,” Shivam Thakral, CEO of BuyUcoin said that Ether is touching record valuation because Bitcoin is consolidating and investors are looking at Ether to reap greater economic benefits in the long term.
“Ethereum is up about 135 per cent since the start of the year and is expected to become as valuable as Bitcoin in the years to come,” Thakral added.
“We hope Indian counterparts will take note of this and enable the growth of the digital asset industry in India by providing a positive regulatory environment. Ethereum Blockchain has very strong fundamentals and a lot of projects are using it to power their infrastructure.”
As India plans to introduce the ‘Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’, to