Indian youths prefer investing in Ether
Majority of Ether investors in India are from the 18-34 years age group, with Tamil Nadu having the highest investor share, shows a survey by BuyUcoin. It said the age group of 25-34 years had the highest share of ether investors, accounting for 36.04% of total investors, followed by 18-24 years at 29.36% then 35-44 years at 17.36% and 45-54 years at 8.89%.
The survey stated that 55-64 years age group had 4.86% of the investors followed by over 65 years at 2.95%. And region wise, Tamil Nadu had the highest share of ether investors at 20.16%, followed by Maharashtra at 15.83%, Karnataka at 9.27% and Delhi at 8.99% and Uttar Pradesh at 7.90%.
Shivam Thakral, CEO, BuyUcoin, said Ether has witnessed a massive sell-off or profit booking owing to the stellar rally along with other crypto assets. “We can say that ether is in the accumulation phase and the smart money is buying it currently,” he said. “We strongly believe that the cryptocurrency will touch a new all-time high in the next six to eight months.”
Ether, which is powered by the Ethereum blockchain, is the second largest crypto by market value, second only to bitcoin. It is up 325% for the year so far. This reflects improvements to the ethereum blockchain and a growing shift towards DeFi (decentralized finance). DeFi refers to transactions outside traditional banking for which the ethereum blockchain is a crucial platform.
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Analysts say the launch of ethereum exchange-traded funds in Canada and surging demand for ether wallets to transact non-fungible tokens such as digital art have also pushed up the price. Moroever, earlier this month Bloomberg reported that the European Investment Bank plans on issuing a digital bond over the Ethereum blockchain.
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