ETH is currently the second largest cryptocurrency which has caught the attention of not just retail workers, but many organizations as well over the previous year. The main facilitator for this sudden upsurge in its reputation is the highly anticipated update to Ethereum v2.0. The ratio of ETH to BTC has approximately tripled over the past 6 months. The question arises about what this ultimately means for the future of cryptocurrency.
Similar to other altcoins, ETH suffered a rapid price decrease, also known as a “correction”. At the time of the initial release, ETH traded at the price level of about $2.3K. However, there was a slight surge of just 1 percent by the next day. According to a tweet by glassnodealerts, who are the on-chain market intelligence, ETH has fallen to a new low of 5 months of 556.333.
Jensen Huang, the chief executive officer of Nvidia Corporation, spoke in an interview about the remarkable upsurge of ETH. He said that it is currently recognized that Ethereum will be very valuable. Soon, the handling of ETH transactions will be much quicker than before, and because of the countless individuals working on it currently, Ethereum will be much valuable.
The CEO was also asked whether he was thrilled about the proof of stake, to which he quickly responded:
“Am I amped up for the proof of stake?” The appropriate answer is, of course, yes. I strongly believe that the market for ETH has risen to such a great extent that it’d be lovely if someone could think of that ASIC that can do this or find another approach to do so. The credibility is very high which functions well for ETH. Many individuals are reliant on this for DeFi, among other things. It is a wonderful time for the arrival of the proof of stake.
While expressing an optimistic outlook on Ethereum, Huang further restated his views on the whole world of the altcoin. He said that he believed crypto is setting down deep roots and it is an authentic and genuine method that people wish to use to trade value. He also stated, “More significantly, ETH and other currencies similar to it are brilliant dispersed blockchain strategies for securing credit transactions.” This vote of confidence is the direct result of the billionaire organization Nvidia releasing a new item named CMP.