In the recent pump, Ethereum has broken past the big dogs of the crypto market. Evading the $3,000 mark, Ethereum is strongly posed as the second biggest cryptocurrency in the world. The rise of Ether came as a major shock to the investing sector.
Ethereum was standing at only $207 per token around 12 months ago. Its value has soared by 325% in the last year, which is miles ahead of any other cryptocurrency.
Many investors believe that Ethereum is well-suited to be used in a decentralized financial future. This is one primary reason for driving the success of Ether.
The market cap of Ethereum is growing at a faster pace and has majorly dented the market value of Bitcoin. Crypto experts believe that these developments have provided a more comfortable investing environment around a range of tokens.
The demand for ether wallets has increased significantly, as people look to transact NFTs. In addition to this, many ether exchanges have been recently launched in Canada, positively influencing the price of Ethereum. Investors are eyeing Ethereum’s future potential. Therefore, the cross rate between Ether and Bitcoin is currently at a 2.5-year high. The increasing DeFi volumes of Ether also adds to the confidence and trust of the investors.
Soaring prices of Ethereum
The crypto market also suffered a major correction in April. The value of Bitcoin dropped from around $64,000 to almost $45,000. Bitcoin is yet to recover from this bearish trend, as it currently stands at almost $59,000. However, during these events, Ethereum took the limelight and grew to stand well over the $3,000 mark. Today, Ether rose to $3,200, an all-time high for the crypto.
With a market cap of almost $350 billion, Ether is a highly anticipated token in the crypto realm. Moreover, there has been a lot of fuss about the relaunch of Ether 2.0, which carries major upgrades in the Ethereum network. It is also reported that the European Investment Bank issued bonds of $120 million worth, using the Ethereum blockchain. Thus, making a strong case for more increase in Eth’s worth.
Ethereum is becoming highly relevant to the crypto market. Many experts predict major growth in Eth’s value in the coming years. However, it is evident that Ethereum is here to stay. Its effective and more sustainable blockchain network has made Ethereum more inclusive in the economic structure. Therefore, investors and traders are constantly eyeing this token and the volume of transactions is growing significantly.
