Ethereum breaks barriers with over $3,000 All-time High!!
For the first time ever, the second biggest cryptocurrency by market cap has broken the $3,000 mark.
Ethereum’s price hit $3,000 for the first time last Sunday evening. After breaking the barrier, it kept rising to a new all-time high of $3,042. ETH is now up over 1,300% in the last year and has a market cap of $352 billion.
Its rise follows reports that the European Investment Bank sold $121 million digital bonds on Ethereum. The news has been treated as another sign of Ethereum’s staying in power for a number of financial uses.
The bank used Ethereum because the network allows the creation of many fungible tokens, also called the ERC-20 tokens. The EIB test came after Santander used the Ethereum mainnet for its own blockchain bonds last September 2019. Both of them are endorsements of the network.
Ethereum’s Changing Times
Many highly-anticipated updates to Ethereum are going live in the next couple of months.
On July 14, Ethereum will integrate an upgrade named EIP-1559. The upgrade will lessen ETH’s overall supply by burning billions of coins that have gone to the miners.
The widespread expectation is that EIP-1559 will increase Ethereum’s price. Maybe the anticipation of the upgrade is having that effect already.
Also, there is a larger transition to Ethereum 2.0. This switches the network to proof-of stake, instead of the current energy-intensive proof-of-work. The first step is the merge, scheduled for late 2021. Ethereum 2.0 also promised to lower transaction costs and increase the network.
In the past, Bitcoin led the price changes in the crypto market, followed by altcoins including Ethereum. But now, the gear is shifting.
By the start of this year, Bitcoin has accounted for around 70% of the market, and Ethereum by 12.8%. Now, Bitcoin charges for 50% of the market, and Ethereum by 14.65%. Binance coin also increased its dominance by four times, to 4% in the similar period.
Ethereum handles about double the size of Bitcoin.
Just four months ago, the coins were close to each other. But Ethereum’s NFT craze was just beginning by then. And decentralized finance (DeFi), mostly powered by Ethereum, gets bigger and bigger.
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