Fri. Jul 1st, 2022

ethereumthe second most capitalized cryptocurrency, it has surpassed in value both the Turkish lira and the Norwegian krone.

Ethereum outperforms both the Turkish Lira and the Norwegian Krone

According to the latest data from CoinMarketCapthanks to recent gains, Ethereum jumped to 27th place in market value among all currencies in the world, surpassing currencies such as the Turkish lira and the Norwegian krone.

The currency created by Vitalik Buterin in 2015 it would be one notch below the Polish zloty and ahead of the Chilean peso, the Turkish lira, the Norwegian krone and the Egyptian pound. Total, there are 101 cryptocurrencies in the ranking, with Bitcoin ranking 14th below the Swiss franc and just above the Thai baht. Interestingly, the Russian ruble recovered from a war-related devaluation a fortnight ago and fell to 25th place, just above Ethereum. After just two weeks, he’s moved up ten places and now threatens the value of bitcoin. This is interesting considering that, according to data from Glassnode, when the conflict broke out in late February, many Russian citizens they had exchanged their rubles for Bitcoin to defend against the devaluation of the Russian currency.

After recent surges, the crypto market capitalization has returned to the $2 trillion mark. Last November, when Bitcoin hit an all-time high of over $69,000, the market had surpassed $3 trillion but then fell below $1.5 trillion after drops in December and January.

Ethereum is worth more than the Turkish Lirk and the Norwegian Krone

Growth forecasts of the main cryptocurrencies

A recent report from Ark Invest predicted that Ether could reach or even exceed a market capitalization of 20 billion dollars in the next 10 years.

If this hypothesis is confirmed, it would mean that the value of ETH from the current $3,500 would rise to around $170,000. Also according to the report, the bitcoin capitalization it should rise to around $28 trillion within a decade, which would mean that a single Bitcoin should be worth more than $1 million. Experts from the investment firm also state that bitcoin mining “It could revolutionize energy production.” Although excessive energy consumption is one of the main weaknesses, Ark Invest researchers believe that:

“Bitcoin mining will foster and generate greater amounts of electricity from more and more carbon-free renewable sources.”

By Farwa Raza

Farwa Raza is a writer who specializes in news articles. She has been writing on wttspod.com for over one years, and during that time she has written over 100+ articles on various topics ranging from politics to entertainment. Her goal as an author is to provide readers with the latest news stories while also providing her own opinion on them.