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Saturday, May 15, 2021

Ethereum Reaches All-time High, tops $3000

Cryptocurrrency Ethereum has reached an all-time high, breaking $3,000 in value late Sunday evening and currently trading for $3,130 in this morning’s market.

Ethereum increased in value by 24% over the past week, trading for $2,192 last Sunday according to statistics from TradingView. Its market cap is now at $361 billion, overtaking The Walt Disney Company and Bank of America.

Cryptocurrency has been on a hot streak since the beginning of 2021, with both Bitcoin and Ethereum climbing to all-time highs. Bitcoin is still currently down off its all time high of $62,000, currently trading for $58,000 in today’s market.

Retail investors have recently been flooding into the crypto markets, especially after Dogecoin spiked in value to around 42 cents. This seems to be part of Ethereum’s recent success, as well as deals from European Investment Bank to issue a 2-year digital bond worth $121 million. 

Investors are also likely hopping on board for the premiere of Ethereum 2.0, which will feature a new proof-of-stake architecture. This will decrease the amount of money sent to crypto miners and reduce fees on trading ether, two points where investors have been critical of the digital currency.

These increased fees have caused some other crypto networks to rise in popularity, posing some threat to Ethereum’s network and further increase in both value and influence.

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