With Ethereum becoming available to spread bet in the coming weeks, many traders will be wondering whether this is simply a poor man’s Bitcoin or something worth investing in.
One thing is for sure, if holders of Bitcoin were happy at the doubling of its price over the past year, Ethereum has taken it to another level, rising 4100% since the turn of the year. Interestingly, if we look at the market capitalisation (issues coins x value), the total value of Ethereum ($32 billion) amounts to around 71% of Bitcoin ($44 billion). While that is a significant difference, it is worth noting the journey to get here, given that this number was closer to 10% just a year ago. Put simply, Ethereum has had an incredible year and if the recent gains are anything to go by, we could see this alternate cryptocurrency take the crown as the biggest currency out there.