Ethereum price reached its all-time high at $ 3.094. Hence, ETH has been 1% over the past year. It has grown more than 300 and has a market value of $ 356 billion.
Ethereum price broke $ 3.094 for the first time in history
This week’s rise in Ethereum follows reports that the European Investment Bank (EIB) sold $ 121 million worth of digital bonds in Ethereum. Bloomberg Law reported that Goldman Sachs, Societe Generale and Banco Santander also played a role in EIB’s bond sales. The news is seen as another indicator of Ethereum’s existential power in numerous financial use cases.
The EIB used Ethereum because the network allowed the creation of many fungible tokens known as ERC-20 tokens. The EIB test comes after Santander used its ETH mainnet for its blockchain bonds in September 2019. Both of them acknowledge the important of the network. Some of the highly anticipated updates for Ethereum will be online in the next few months. On July 14, Ethereum will integrate an upgrade called EIP-1559. The upgrade will reduce the overall supply of ETH by burning billions of cryptocurrencies that will be transferred to miners.
According to the supply and demand law, the general expectation is that EIP-1559 will increase the price of Ethereum.
According to the supply and demand law, the general expectation is that EIP-1559 will increase the price of ETH. Perhaps only the expectation for the upgrade has had such an effect. After that, there was a bigger transition to Ethereum 2.0. This translates the network to proof of stake, rather than the current energy-intensive proof of work. The first step in this transition is the so-called consolidation, temporarily planned for the end of 2021. Ethereum 2.0 also promises to lower transaction costs and increase the efficiency of the network.
Historically, Bitcoin has led to price changes in the cryptocurrency market regulated by altcoins, including Ethereum. But the wave is changing. At the beginning of the year, Bitcoin made up about 70 of the market and 12.8% of Ethereum. Now, Bitcoin occupies 50% of the market and Ethereum 14%. It makes up 65 of them. Binance Coin (BNB) increased its dominance by 4 times to 4% in the same period. And, according to Money Movers, which tracks the volume of daily payments on the two networks, Ethereum is handling nearly twice the size of Bitcoin.
Vitalik Buterin officially becomes the world’s second youngest self-taught billionaire
Ethereum co-founder Vitalik Buterin has officially become the world’s second youngest self-taught billionaire. Leading altcoin Ethereum (ETH) has surpassed $ 3,000 for the first time in history. ETH co-founder Vitalik Buterin currently holds over $ 1 billion in ETH at its home address announced in October 2018. The 27-year-old visionary also holds other tokens. Vitalik Buterin has other undisclosed addresses above this main address, but claims they are “pretty small”.
However, his official wallet makes him the second-youngest self-made billionaire already (behind Luminar Technologies CEO Austin Russell). Austin Russell took the place of makeup king Kylie Jenner last year because of her family’s wealth. Ether increased by 316 percent in 2021, outperforming Bitcoin significantly. Despite its great gains, Fundstrat believes there is more scope for cryptocurrency. Tom Lee’s market research firm predicts that Ether could reach $ 10,500, according to a recent research note.