Why Ethereum (ETH) & Coinbase (COIN) are trending today

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Why Ethereum (ETH) & Coinbase (COIN) are trending today

 Why Ethereum (ETH) & Coinbase (COIN) are trending today
Image source: Wit Olszewski,Shutterstock

Highlights

  • Ethereum (ETH) surged 6.41 percent at 3.32 pm ET on Wednesday.
  • Coinbase Global Inc (Nasdaq: COIN) stock rose 2.32 percent at 4.01 pm ET.
  • ETH has recently announced split into two versions because of a bug in the 1.10.7 edition of the ETH Network.

Stocks of crypto exchange Coinbase Global (Nasdaq: COIN) were trending on Wednesday. COIN was priced at US$265.47 at 4.01 pm ET, up 2.32%, from the previous close.

Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, was trading at US$3714.41 at 3.32 pm ET, up 6.41%.

Ethereum was recently split into two versions because of a bug in the 1.10.7 edition of the ETH Network, which prevented an upgradation to Hades Gamma patch.

ETH’s Go Ethereum or Geth, that runs the ETH nodes, could not upgrade to the Hades patch. As a result, the split occurred.

Source: Pixabay.

Also read: What's happening in the crypto space?

Geth, which helps users to buy or mine ETH, informed them about the split on August 27. The split prevents the ETH nodes to verify the transactions.

Meanwhile, the company has asked users not to conduct transactions until the issue is fixed. Over 38 percent of Ethereum users use an old version of Geth.

Ethereum has a market capitalization of US$435 billion. Currently, a total of 117 million ETH coins are in circulation.

Coinbase Global Inc

Coinbase stock was trading at US$265.47 at 4.01 pm ET, up 2.32 percent from the previous close.

Also read: Why are Coinbase users panicking?

The company is involved in the cryptocurrency and blockchain technology business. Coinbase’s market cap is US$55.8 billion, and the forward P/E one year is 18.82. The stock’s 52-week highest and lowest prices were US$429.54 and US$208, respectively.

The company reported revenue of US$2.32 billion in Q2 this year. Its adjusted earnings per share were US$3.45. In addition, its net profit was US$1.6 billion.

Bottom Line

The cryptocurrency market has been growing at a rapid pace over the past few years. Crypto stocks surged to record high prices this year. Experts believe the cryptocurrency market would grow manifold in the next few years as crypto popularity increases.

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