According to Bloomberg News, the performance of Ether is exceeding that of the other cryptocurrencies over the last week just before the upgrade. The upgrade will render the affiliated network to become faster and much more energy-efficient.
The second-largest cryptocurrency of the world has shown a rise of over 10% since October 2019, while Bitcoin recorded a drop that is close to 3% as of 2:30 pm in Hong Kong. The alternative digital tokens like Cardano and Binance Coin have also been outperformed by Ether over the same period.
These gains are manifesting just before an upgrade Wednesday, which is expected to improve the scalability of the Ethereum network and make it faster, and this could also lead to lowering the fees for the users.
In the past 12 months, Ether has risen almost 1000% outperforming Bitcoin’s 380% jump, in part due to the popularity of the network for the applications like non-fungible tokens and decentralized finance.
Like the other cryptocurrencies, Ether is susceptible to the big swings and has lost more than half of the value at the beginning of this year, before it started recovering again. As of Tuesday, it traded at $4,200. According to Bloomberg News, bulls have also been making use of the options market to set position for the announcement of a potential Ether futures exchange-traded fund, as stated by B2C2 the crypto liquidity provider said.
