Ethereum Moves Closer to Php 25,000

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It’s not just bitcoin. The world’s 2nd best-performing cryptocurrency is also at an all-time high.

When ethereum reached the US$380 mark early today (Php 19,237), it showed no signs of slowing down. Fairly interesting, because the coin stayed within the US$300 mark for so long this month.

As of press time, ethereum sits at US$488 (Php 24,705) and poised to increase much more.

Things are going on well with ethereum’s development as well. We noted how bitcoin transactions have congested its network recently. On the other hand, various improvements to ethereum allowed it now to handle more transactions than ever. Right now, the ethereum blockchain can process more transactions than bitcoin. Recently, the “Byzantium” fork allowed it to increase transactions to 550,000 per day.

The analysts over at ETHNews suggest that for this week, we will likely see ethereum to find its place within the US$500 mark (Php 25,312).

While bitcoin’s main application is to provide an electronic cash system on the blockchain, ethereum enables everyone to run their own decentralized applications on the ethereum blockchain.

Buying ethereum in the Philippines is not as straightforward as buying bitcoin. You can read our coverage of the process in our article: How to buy ethereum in the Philippines. Recent developments though may change that, as SCI Ventures, the company behind buybitcoin.ph wants to integrate ethereum in the BuyBitcoin.ph platform. (ReadVote for Ethereum, Bitcoin Cash, or Ripple as the Next Digital Coin to be Added on BuyBitcoin.ph).

Sources: ETHNews, Cryptocoins News

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Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]