Ethereum could be the silver lining in the crypto space

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Ethereum has been one of the best performing in the market for the past few weeks and is currently trading above $1,600 per coin.


BTCS Inc. Chief Executive Officer Charles Allen told CoinDesk TV in a recent interview he believes Ethereum could be the silver lining in the cryptocurrency ecosystem.

When asked about his thoughts on Ethereum, Allen said;

“I think Ethereum could definitely be the silver lining here. We’ve seen Ether drop below $1,000 and it’s now back in the $1,600 range. Options activity in Ethereum has surpassed that of Bitcoin for the past few weeks

I think this is all about the upcoming Ethereum merger, which would see the Ethereum network move from a proof-of-work to a proof-of-stake mechanism next month. “

Allen added that moving to a more sustainable blockchain would be a huge deal for the Ethereum ecosystem.

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He argued that Ethereum is a bigger player in the cryptocurrency industry compared to Bitcoin.

While many consider Bitcoin the hedge against inflation in the crypto space, Allen said Ethereum’s role in the rise of decentralized finance (DeFi) and non-replaceable tokens (NFT) shows how important Ethereum is to the broader cryptocurrency industry. market.

Due to the recent rally of Ether, the cryptocurrency has added more than 40% to its value in recent weeks. When asked whether the rally is being driven by retail or institutional investors, Allen said he believes it is both. He said;

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“I don’t have any specific data on who is really driving this rally, but from the institutions and individuals I’ve spoken to, I think it’s a combination of retail and institutional investors. However, most institutions are standing on the sidelines, monitoring how the crypto market is currently performing.”

The cryptocurrency market performed positively last month, pushing the total market cap back above $1 trillion.

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Bitcoin struggled below the $20,000 level a few weeks ago but has been trading above $22k in recent days.

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