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With Ethereum becoming available to spread bet in the coming weeks, many traders will be wondering whether this is simply a poor man’s Bitcoin or something worth investing in.
One thing is for sure, if holders of Bitcoin were happy at the doubling of its price over the past year, Ethereum has taken it to another level, rising 4100% since the turn of the year. Interestingly, if we look at the market capitalisation (issues coins x value), the total value of Ethereum ($32 billion) amounts to around 71% of Bitcoin ($44 billion). While that is a significant difference, it is worth noting the journey to get here, given that this number was closer to 10% just a year ago. Put simply, Ethereum has had an incredible year and if the recent gains are anything to go by, we could see this alternate cryptocurrency take the crown as the biggest currency out there.
However, with all this talk of market capitalisation, the difference in price is still sizeable, with Ethereum priced around $340 and Bitcoin at $2720 per coin. To some, this is an indication that there could still be a lot left in the tank for Ethereum, but of course just like the cryptocurrencies before them, it is hard to find the true underlying value of these assets. Given the recent price rise and greater press coverage that comes with it, there is reason to believe there may be some truth to that theory. The chart below highlights the ratio between Ethereum and Bitcoin, with the newcomer gaining ground at an increasing rate.