GUANGZHOU, China – The price of the cryptocurrency market excelled at $2 trillion first time ever. On Monday a rally has been driven in ether, the second-leading virtual coin. Magically within just two months the cryptocurrency market capitalization has turned doubled, according to CoinGecko, a price monitoring website.
Bitcoin, the top-most popular virtual currency, accounts for more than 50% of the whole capitalization in the cryptocurrency market. Bitcoin has reunited more than 100% in this recent year alone, and it supports directly in driving higher the cryptocurrency market.
In the previous month, Bitcoin registered a high record of price value above $61,000. On Tuesday this virtual coin was firming at about $58,800, according to the official data of Coindesk.
Ether Rally
The latest improvement in this cryptocurrency market is been driven by ether, the virtual coin that empowers the Ethereum blockchain. Bitcoin currency also works on the same technology named blockchain that is a public register of activity and a particular path to take place applying the cryptocurrency. In comparison with Ethereum blockchain technology, it works more like a software medium that considers developers to develop applications over the top of it. Users could then invest in ether through these applications.
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Smart contracts are so-called a major feature of Ethereum. These contracts can easily and automatically be executed by applying code. There is creating excitement about the usage of Ethereum in so-called DeFi applications or decentralized finance. These are primarily blockchain-oriented financial services it has included lending; which could in brokerage and theory bypass banks.