30s Summary

Ethereum’s cryptocurrency, Ether (ETH), reached its highest value since August at $3,200, with a total market value of around $383 billion, outpacing Bank of America’s market value. The rise in Ether’s value follows Bitcoin’s surge past $79,000 after the US election. The comparison highlights the increasing financial value of blockchain technology. Furthermore, supply of ETH is seen to be rising annually at 0.424%. Crypto analysts predict further hikes in ETH prices. Meanwhile, Ethereum’s co-founder, Vitalik Buterin, has proposed the concept of “info finance”, a mechanism for creating markets to filter out useful information.

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Ethereum, the world’s second most popular cryptocurrency, soared to $3,200 on November 10 – topping the previous highest since August. This significant rise happened as Bitcoin went beyond $79,000 after Donald Trump won the US election.

Right now, the total market worth of Ether (ETH), Ethereum’s blockchain’s native token, is estimated at a considerable $383 billion, signifying an almost 5% increase in 24 hours. This puts it ahead of Bank of America’s market value by about $40 billion.

This comparison between ETH’s worth and Bank of America’s points to a change in the world of finance, as more people adopt blockchain technology, making it more valuable than traditional financial institutions.

This shift underscores the appeal of decentralized finance (DeFi) and cryptocurrency as the US Securities and Exchange Commission mulls over approving the first-ever options attached to Ethereum’s funds on the open market.

In the past week, ETH’s value surged like never before since May, while Bitcoin’s price steadily hit new heights. However, it’s worth noting that the supply of ETH appears to be on the rise again, increasing at an annual rate of 0.424%. Earlier in October, it appeared to be deflationary or reducing.

Current data shows that annually, about 452,000 ETH gets burned or permanently removed from circulation, while issuance or production doubles that amount at 957,000 ETH, leading to an annual supply boost of 0.42%.

Crypto analysts’ opinions may be varied, but they are all expectant for a surge in ETH prices to new heights. Some are predicting that ETH will sail past the $4,000 mark while others predict there could be a slight dip before it crosses the $4,300 price point.

In other news, Ethereum’s co-founder, Vitalik Buterin, recently put forth the idea of “info finance” on November 9. According to him, info finance is a method that starts with establishing information you’d like to know and ends with creating a market that effectively sifts out this information from its participants. Vitalik supports the use of prediction markets to gather community insights on potential future happenings, without any media sensationalism or bias.