Never miss a story

Get subscribed to our newsletter

Ethereum is the second biggest cryptocurrency. Pixabay

As the surging Bitcoin grabs most of the headlines, Ether or Ethereum, the second-biggest cryptocurrency, is touching record valuation and could still be bought cheaper — for nearly Rs 1.16 lakh or $1,600 for one Ether. According to industry players, Bitcoin which is hovering around $40,000 is beyond the reach for most investors while Ether that has touched an all-time high is still within reach. According to Rahul Pagidipati, CEO, ZebPay, Ether tends to follow Bitcoin.

“Now that Bitcoin has hit a record high and is consolidating, investors are adding Ether. Together the two cryptocurrencies constitute nearly 80 percent of the total crypto market cap,” Pagidipati said. “Nearly 3 million ETH ($3.8 billion) have been locked up for long-term staking, removing them from the buyable supply. With lower supply comes higher prices,”

Follow NewsGram on Twitter to stay updated about the World news.
Shivam Thakral, CEO of BuyUcoin said that Ether is touching record valuation because Bitcoin is consolidating and investors are looking at Ether to reap greater economic benefits in the long term.
“Ethereum is up about 135 percent since the start of the year and is expected to become as valuable as Bitcoin in the years to come,” Thakral added. “We hope Indian counterparts will take note of this and enable the growth of the digital asset industry in India by providing a positive regulatory environment. Ethereum Blockchain has very strong fundamentals and a lot of projects are using it to power their infrastructure.”

Bitcoin. Pixabay

As India plans to introduce the ‘Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’, to prohibit all “private cryptocurrencies” in the country, the industry stakeholders have come out in unison hoping that the Indian government would listen to all stakeholders before taking any decision.

“As more people see new applications for the Ethereum protocol, like staking, they’re realizing that Either is real and has lasting value, just as they are realizing the truth about Bitcoin,” said Pagidipati. Owning one full bitcoin is probably a dream now for most people.

“But you can still buy a full Ether for Rs 1.6 lakh, still in reach for many. Those who remember Bitcoin at that price may be thinking that this opportunity won’t last for much longer,” the ZebPay CEO noted.

ALSO READ: Here’s Why India Needs To Catch Up With The Global Bitcoin Trend

The Reserve Bank of India (RBI) is already exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalize it. The apparent softening in RBI’s stand on cryptocurrency came after the Supreme Court last year set aside a circular issued by the RBI that barred any entity from providing banking services to anyone dealing with virtual or cryptocurrencies.

The RBI, in its booklet on payment systems, noted that central banks around the world are examining whether they could leverage technology and issue fiat money in digital form. With the overall value of all cryptocurrencies surpassing the $1 trillion mark, industry experts have said that crypto may become the most important asset class of the 21st century and India needs to catch up fast with the global trend. (IANS)


Photo by Mike Enerio on Unsplash

Fireworks light up the night sky

Everyone loves firecrackers, even the most environment-friendly advocates cannot hide their joy when they see these delightful lights colour the skies. India celebrates Diwali in the true spirit of her culture and heritage by spraying the navy-blue skies with sparkling hues of gold, silver, red, and green. Firecrackers are not just a tradition in this country, they are a legacy.

The original connotation one makes with fireworks in China. The elaborate Chinese celebrations with dragons and zapping firecrackers have left their mark in human memory, but the use of fireworks is not limited to heralding the Chinese New Year. All over the world, fireworks have come to symbolise the ultimate celebration. During Diwali in India, this spirit is re-ignited every year.

Keep Reading Show less

A visitor looks at statues of the 'Royal treasures of Abomey kingdom' on display at the Musee du quai Branly in Paris on Sept. 10, 2021, part of 26 artworks set to be restituted to Benin later in the year.

PARIS — In a decision with potential ramifications across European museums, France is displaying 26 looted colonial-era artifacts for one last time before returning them home to Benin.

The wooden anthropomorphic statues, royal thrones and sacred altars were pilfered by the French army in the 19th century from Western Africa.

Keep Reading Show less

Logs cut from virgin Amazon rain forest are placed in a pile, in Brazil's northeastern Amazon region, February 11, 2008.

GENEVA — The battle to stem climate change may be lost as new information indicates the Amazon rain forest is turning from a carbon sink – or area that absorbs CO2 – into a source of carbon dioxide, the World Meteorological Organization warns.

The latest edition of the WMO's Greenhouse Gas Bulletin reports emissions of carbon dioxide, methane, and nitrous oxide once again broke all records last year.

Keep reading... Show less