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Why rushing Ether cryptocurrency is succeeding best bet after Bitcoin

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Vandana Mrigwani

CBW -External Analyst

INDIA

Feb, 17 2021

Feb, 17 2021

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New Delhi, as the surging Bitcoin grabs maximum of the headlines, Ether or Ethereum, the second major cryptocurrency, is moving record valuation and could still be bought cheaper -- for closely ?1.16 lakh or $1,600 for one Ether. 

 

Rendering to industry players, Bitcoin which is hovering about $40,000 is beyond the reach for most investors while Ether that has touched an all-time great is still within the spread. 

As per Rahul Pagidipati, CEO, ZebPay, Ether tends to monitor Bitcoin. 

 

At this time that Bitcoin has hit a record high and is associating, investors are adding Ether. Together the two cryptocurrencies set up nearly 80 per cent of the entire crypto market cap, Pagidipati stated. 

 

Shivam Thakral, CEO of Buy Ucoin told that Ether is touching record valuation as Bitcoin is consolidating and investors are observing Ether reap greater cost-effective benefits in the long term. 

 

Ethereum is up about 135 per cent subsequently at the beginning of the year and is predictable to become as appreciated as Bitcoin in the years to arise, Thakral added. 

 

As India strategies to present the 'Cryptocurrency and Regulation of Official Digital Currency Bill, 2021', to ban all "private cryptocurrencies" in the country, the industry stakeholders have come out in harmony expecting that the Indian government would pay attention to all stakeholders previously taking any decision. 

 

The Reserve Bank of India is already discovering the opportunity as to whether there is a requirement for a digital version of fiat currency and in case there is, then in what way to operationalize it. 

 

The obvious softening in RBI's stand on cryptocurrency came after the Supreme Court last year set separately a circular issued by the RBI that lined any unit from providing banking services to anyone trading with virtual or cryptocurrencies. 

 

The RBI, in its booklet on payment methods, noted that central banks about the world are inspecting whether they could leverage on technology and issue fiat money in digital form. 


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Vandana Mrigwani

CBW - External Analyst

INDIA

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