Ethereum price rallies as crypto market’s total value surges by 18%

ETH is continuing to showcase strong support amidst increased investor confidence in the crypto market.

  • Ethereum’s monthly profits currently stand at a whopping 27.1%.
  • Social media giant YouTube is looking to release a range of products related to the crypto and NFT space over the course of 2022.
  • China’s digital yuan (DCEP) has been able to log more transactions than payments giant Visa over the first day of the Winter 2022 Olympics.

After having scaled up to a relative high of AUD$4,500 a little under 12 hours ago, Ethereum – the world’s second-largest cryptocurrency by total market capitalisation – has failed to muster additional investor support, registering a daily loss ratio of around 4%. As a result, the altcoin is now trading at a price point of AUD$4,293.

Ethereum’s continued strong performance over the past fortnight seems to align with that of the digital asset market at large, with the total capitalisation of the crypto sector having risen from US$1.7 trillion to around US$2.07 trillion over the past week, thereby showcasing a growth of approximately 18%.

Amidst this growth, prominent DeFi project MakerDAO revealed that it is all set to offer a bug bounty worth AUD$1.4 million (US$10 million) to any white hat hackers and cybersecurity specialists who are able to identify prominent security issues with the platform’s existing smart contract framework.

To elaborate, devs stand to earn anywhere from US$1,000 (for low-level vulnerabilities) up to a maximum of US$10 million (for critical issues) if they are successful. Rewards will be doled out in the form of DAI stablecoins, a digital asset that has its value pegged to the US Dollar in a 1:1 ratio.

How to buy Ethereum

YouTube sees a lot of potential in NFTs, report suggests

According to a blog post released by YouTube’s chief product officer Neal Mohan recently, the world’s leading content creation platform may be actively working towards integrating NFTs into its existing operational framework so as to improve fan engagement, as well as improve revenue streams for its users.

The announcement comes right after the company’s CEO Susan Wojcicki noted that her team had been looking at the Web 3.0 ecosystem for “inspiration”. In this regard, Mohan hinted that YouTube will roll out a host of new products — related to Web 3.0 tech, blockchain, NFTs and the Metaverse — by the end of the year, adding:

“Web 3.0 opens up new opportunities for creators. We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans. Together, they’ll be able to collaborate on new projects and make money in ways not previously possible.”

DCEP leaves Visa transactions in the dust

As per reports, the opening day of the Beijing 2022 Winter Olympics saw China’s central bank digital currency project (referred to as DCEP) register more daily transactions than traditional payments processor Visa, an impressive feat to say the least.

To elaborate, individuals inside the Olympic village bubble have the choice of spending on goods and services via cash, Visa and digital yuan. On the digital yuan’s impressive debut, an official was quoted as saying: “Replacing cash with digital yuan for payment can effectively reduce direct contact between people and the risk of the spread of COVID-19.”

Interested in cryptocurrency? Learn more about the basics with our beginner’s guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.

Disclosure: The author owns a range of cryptocurrencies at the time of writing.

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