Investors’ interest and network upgrades have helped Ethereum soar more than 550% in price year-to-date. However, Upstart Holdings (NASDAQ:UPST), AMC Entertainment (NYSE:AMC), GameStop (GME), and Avis Budget Group (NASDAQ:CAR) have outperformed the second-largest digital currency’s gains. So, we think it could be worth adding these stocks to one’s watchlist. Let’s evaluate.Ethereum or Ether is the world’s second-largest virtual currency by market capitalization and facilitates operations with the help of the Ethereum blockchain. Investors’ interest driving the cryptocurrency craze has helped Ethereum soar 552.6% year-to-date. It also hit its 52-week high of $4,831.59 today.
Recent reports show that the Ethereum network burned more Ether than it issued for at least a week (burning means that the ether is permanently removed from the circulating supply) after Ethereum’s London hard fork upgrade introduced a mechanism to burn a large portion of transaction fees, measured in ether, rather than sending them to miners. This is primarily responsible for the unprecedented surge in this digital currency. However, although the hash rate has increased, lower transaction fees could indicate lessening demand, and trading volume has also declined over the past few days.
On the other hand, the major U.S. stock market indexes notched up a round of records yesterday to start the second full week of trading in November. So, even though Ethereum has skyrocketed this year, Upstart Holdings, Inc. (UPST), AMC Entertainment Holdings, Inc. (AMC), GameStop Corp . (NYSE:GME), and Avis Budget Group, Inc. (CAR) have soared even higher. Therefore, we think it could be wise to add these stocks to one’s watchlist now.