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Monday, May 17, 2021

Ethereum Surpasses Bank of America After Reaching $3,000 Record High

Ethereum is the largest platform of smart contracts all over the world and might experience more growth very soon. The token of Ethereum has totally eclipsed the $3,000 psychologically significant mark per token on 3rd April, Monday.

Ethereum is now on a $3,003 high on Binance presently. Moreover, the price of ETH has successfully managed to attain the milestone for numerous major exchanges like Coinbase, BitMEX, and Bybit.

New Milestone For Ethereum

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The recent and continuous spike has helped ETH surpass several large institutions including Bank of America and Walt Disney on the basis of market capitalization. ETH is also increased by 24% during the week it reached $346.72 billion of market cap.

In comparison, Bitcoin has a market cap of $1.079 trillion at present. This is a little less than silver which is standing at $1.416 trillion. On the other hand, the BTC market cap is certainly more than Facebook which is currently $923.12 billion.

ETH has had a remarkable journey recently and many are expecting it to ‘flippen’ BTC, the biggest digital currency across the world.

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The most important factor for the rise of ETH is the ongoing on-chain activity from institutional entities. For instance, the Investment Bank of Europe had announced last week of providing a 2-year digital bond of $121 million along with Goldman Sachs.

Furthermore, retail interest towards DeFi is also rapidly increasing with more than $100 billion TVL. Additionally, the overhaul of EIP-1559 of the few structures for ETH is another reason. The consequent forthcoming transition of ETH 2.0 to the consensus model of ‘proof of stake’ is also attracting investors.

Nonetheless, ETH has a few competitors including other smart contract-enabled layer-1 chains. This increased transaction fees of ETH can also be blamed on the increased popularity.

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