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Sunday, May 16, 2021

Ethereum Has Broken Away From The Mass Of Cryptocurrency

Ethereum has surged to its newest high after it faced a gigantic slump in recent times throughout the entire cryptocurrency market. Collectively, the current year seems to promise something important for the blockchain of Ethereum as most developers have continued to work towards the integration of the network with Eth2. This will see the blockchain move away from the proof-of-work consensus algorithm which it previously had- to encompass the few touted proof-of-stake consensus. 

Ethereum Has Been Consistently Chipping Away From The Crowd

Although the finer details do not concern the users of Ether, the price action that was taken very recently along with a few other significant changes have suggested that the momentum taking ETH to such unprecedented highs would definitely be working for some more time.

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Over the last week, the price of Ether increased to about 15%- which made sure that Ethereum had secured its place as the second-largest cryptocurrency in the world, with a valuation of $312 billion. The ETH price kept on rallying towards the 28th of April with news breaking that the European Investment Bank was looking towards initiating a digital bond exchange with the blockchain of Ether. 

The bonds would definitely be carrying significant value- with a valuation of almost $120 million over the last couple of years. Several financial heavyweights like Goldman Sachs, Banco Santander along Societe Generale have been leading the bond management system. And even more crucial to the cryptocurrency market is that the bonds will be directly registered with the blockchain of Ethereum.

The ecosystem of Ethereum did celebrate yet another milestone the previous month with major DeFi platforms like Uniswap, Maker, Compound, and others were pretty solidly on their way to surpassing the mark of $73 billion for the net value that was locked into their Ether blockchain smart contracts.  

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