Cryptocurrencies marked October, and Bitcoin broke new records.
October was not only marked by new stock market records but was also marked by Bitcoin.
The most popular cryptocurrency entered the month at levels below $44,000, and last night it was worth a good $61,000.
This is an increase of almost 40%, which would have been even higher if the record(on October 20, BTC reached 67 thousand dollars) had not been accompanied by a downward correction.
The crypto market is looking forward to new records, mostly due to the start of the listing of the ETF fund ProShares Bitcoin Strategy(which trades futures on Bitcoin) on the world’s largest stock exchange in New York(NYSE).
The ETF offers investors who do not want to open their cryptocurrency accounts exposure to Bitcoins or terms traded on the Chicago Mercantile Exchange CME.
The second-largest cryptocurrency, Ether, also experienced high(almost 50 percent) growth in October, reaching a record $4,455 on Friday.
On Wednesday, the Ethereum network received an upgrade called Altair, which is another important step for the final launch of the Ethereum 2.0 network, which will(probably next year) be based on the PoS mechanism(Proof-of-Stake) instead of the PoW mechanism (Proof-of-Work), which means that users will confirm transactions according to the number of coins they own.
Currently, transactions are confirmed by miners who are competing(just like in the Bitcoin chain) to be the first to solve complex mathematical cryptographic equations, which, however, provokes considerable criticism due to high energy consumption.
Switching from the PoW model to the PoS model would reduce the environmental footprint by as much as 99 percent!