Ethereum Overtakes Other Assets Last Month
CryptoCompare, which collects and analyzes data on the crypto market, announced its October Asset Report. Analysts compared the October data of the crypto market with traditional investment products and made some comments.
CryptoCompare analysts opened a separate thread for Ethereum, the number two cryptocurrency in the report. ETH gained 18% during the month in a tough last October. In the same time frame, Bitcoin gained 5.50%, on the traditional finance side, the S&P 500 gained 5.26% and the technology-heavy stock index Nasdaq gained 1.56%.
The report authors pointed out that cryptocurrencies had a very quiet month of October. While Bitcoin’s volatility was 32% in October, most stock indices exhibited greater volatility than this level.
The CryptoCompare report explained two reasons why Ethereum gained more value than other asset products.
- The developers have officially launched the major network upgrade “Shandong” after the Ethereum Merge update in October.
- The world’s largest search engine Google has launched a cloud-based service for Ethereum projects. Dubbed the “Google Cloud Blockchain Node Engine,” the new service will verify transaction history on the Ethereum network.
Recently, banking giant Citibank announced in a report that Ethereum is now in a deflationary structure.
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