The cryptocurrency and blockchain industry was born with the launch of Bitcoin (BTC). Since the creation of Bitcoin (BTC), it has managed to gain a lot of popularity and recognition in the entire crypto-industry.
Although Bitcoin (BTC) has been pronounced dead many times by crypto-analysts and firms, it has still managed to fight off all the odds. However, over the past couple of years, Bitcoin (BTC) has broken all barriers and is paving its way towards mainstream recognition.
The best thing that could ever happen to Bitcoin (BTC) was when it was recognized by PayPal in September of 2020. The moment PayPal announced that it was interested in cryptocurrencies and adopted Bitcoin (BTC) as its major crypto-payment method, things were never the same for Bitcoin (BTC).
Since the announcement, the price of Bitcoin (BTC) has surged and since September, its price has shot up from $9,800 to $19,000 plus. There have been many predictions that by November of 2021, Bitcoin (BTC) price will hit an all-time high of $150,000.
Even the CEO of PayPal stated that with their e-commerce solution joining hands with BTC, the crypto will gain mainstream recognition. At present, there are more than 300 million PayPal users and it is encouraging all its users to invest in Bitcoin (BTC).
Although it has been speculated by many economic giants that Bitcoin (BTC) will gain more investors, it is Ethereum (ETH) that seems to be taking the lead in gaining more investors.
According to one of the crypto-data analyzing firms known as Grayscale, it is Ethereum that is gaining more investors than Bitcoin (BTC).
During a telephonic interview with one of the crypto-reporting forums, Michael Sonnenshein talked about the growth of Ethereum (ETH). Michael Sonnenshein is the managing director at Grayscale who stated that they have observed a significant rise in Ethereum (ETH) investors. He stated that these investors are interested only in making investments on the Ethereum (ETH) network.
Grayscale is known for providing investors with direct access to the crypto-blockchain markets. They do this by managing a class of funds dedicated to each cryptocurrency.
The firm confirmed that although its Bitcoin Trust is still the most popular and recognized, yet the Ethereum Trust has started gaining speedy growth and a rise in its net inflows.
Grayscale also shared the stats for the Trust that is observed for the third quarter for the year 2020. Grayscale reported that the Trust for Bitcoin (BTC) managed to average $55.3 million per week. On the other hand, the Trust for Ethereum (ETH) managed to average $15.6 million per week.
Furthermore, Grayscale reported that it experienced the highest Trust averages for its family of funds in the month of October 2020.
Grayscale has attributed the high inflow of investors for Ethereum (ETH) towards the introduction of decentralized financing (DeFi) on the Ethereum (ETH) network.