Ethereum’s ETH token has eclipsed the psychologically significant $3,000 per token mark today, rising as high as $3,136 on Binance at the time of publication. ETH price reached the milestone on several major exchanges, including Kucoin, Coinbase and Luno.
The surge has helped Ethereum overtake institutions such as The Walt Disney Company and Bank of America in terms of total market cap. The world’s largest smart contract-enabled layer-one has grown 24% on the week to $346.72 billion, per tracking website Infinite Marketcap.
By comparison, Bitcoin is presently sitting at a $1.079 trillion market cap, right below the total market cap of the precious metal silver at $1.416 trillion and above social media company Facebook at $923.12 billion.
The remarkable run has even prompted renewed speculation that Ethereum could “flippen” Bitcoin, overtaking BTC as the largest digital currency in the world.
Multiple headwinds share responsibility for Ethereum’s rise. The first is an ongoing surge in activity on the chain, including from institutional entities: earlier in the week the European Investment Bank announced it would be issuing a two-year digital bond worth $121 million in collaboration with banking entities such as Goldman Sachs. Retail interest in DeFi has also been rising as of late, with total value locked numbers reaching astonishing highs above $100 billion.
However, the “London” hardfork, which includes the EIP-1559 overhaul of Ethereum’s fee structure, as well as the subsequent looming ETH 2.0 transition to a proof-of-stake consensus model, may be the prime events investors are anticipating. These upgrades to the network are expected to significantly decrease fees, as well as reduce the amount of ETH rewarded to miners — which in turn is expected to decrease sell-side pressure on the asset.
David Hoffman, a host for the Ethereum educational media company Bankless, has equated the various initiatives to the equivalent of three separate “halvenings,” an event that takes place roughly every four years where the Bitcoin block subsidy is slashed by half. Halvenings are thought to contribute to Bitcoin’s price appreciation.
However, Ethereum does have some competition in the form of other smart contract-enabled layer-one chains. The growing popularity of Ethereum is partly to blame for exorbitant transaction fees on the chain (though they have subsided somewhat in recent weeks), and in the absence of viable layer 2 scaling solutions like rollups means multiple competitor chains have seen a surge in activity.
Experts Predict Ethereum Price to Hit $19,842 by 2025
Thirty-five experts have come together to predict the price of ethereum, the second-largest cryptocurrency after bitcoin. On average, they expect the price of ether to hit $19,842 by 2025. The majority of panelists say now is the time to buy ethereum while 28 percent say to hodl.
The “Finder Cryptocurrency Predictions 2021” which was updated Monday predicts that the price of ether will be nearly $20K by 2025 according to 35 experts on Finder’s cryptocurrency panel. The report says: “By 2025, the panel expects Ethereum to hit $19,842 on average.”
The ethereum price, after beginning the year at under $1,000 per ether token, has smashed through $4,000—climbing alongside bitcoin and most other major cryptocurrencies.
Now, an expert panel has predicted ethereum is set to soar to almost $20,000 by 2025, an increase of 400 percent from its current price, with “major upgrades” to the ethereum network potentially pushing it higher.
The highest forecast came from Bitbull Capital COO Sarah Bergstrand who believes that the price of ether would be $100,000 by 2025. “We are likely to see major upgrades to the Ethereum network this year, and those can be expected to push the price higher,” she explained.
One of the most bearish forecasts came from UNSW associate professor Elvira Sojli who predicted that ETH will end 2025 at just $1,850.
The report continues: “The majority of panelists (59 percent) say now is the time to buy ethereum, while 28 percent say ‘hodl’ and 13 percent say it’s time to sell.”
As for the price prediction for the year 2021, the report notes that the “Panellists predict that the price of Ethereum will hit $4,512 on average by the end of the year. That’s a 234% increase from December’s end-of-year prediction of $1,351.”
One of the highest forecasts came from YAP Global founder and CEO Samantha Yap who noted that the price of ether would be $10,000 at the end of this year, emphasizing that “once BTC is mass adopted, ETH will be next on people’s list.”
Paul Ennis, a lecturer and assistant professor at the University College of Dublin, arrived at the same forecast of $10K for ETH this year, “arguing ethereum is highly undervalued and has far more uses than bitcoin.”
LMAX Group’s cryptocurrency strategist, Joel Kruger, gave a more moderate forecast of $2,000. He is also convinced of “ethereum’s potential, viewing the currency as the major hub of innovation on the blockchain.” He described that “As crypto adoption continues, most of that innovation will therefore be hosted on Ethereum, which we expect will translate into a much higher valuation.”
The panelists include Bitriver CEO Igor Runets; Thomson Reuter’s technologist Joseph Raczynski; Okcoin COO Jason Lau; Etoro analyst and senior account manager Simon Peters; Consensys head economist Lex Sokolin; Coinmama CEO Sagi Bakshi; Unocoin CEO Sathvik Vishwanath; and Origin Protocol co-founder Josh Fraser.
Ethereum Market Cap Surpasses JPMorgan As It Hits A New ATH
Ethereum, the world’s second-most valuable digital currency, spiked nearly 10 percent in the last 24 hours and reached an all-time high of approximately $4,370.
According to the latest data published by Coinmarketcap, Ethereum now has a market cap of more than $500 billion. ETH becomes only the second cryptocurrency in the world to reach a market value of $495 billion.
Ethereum is now more valuable than the world’s leading investment bank JPMorgan. The total market cap of JPMorgan Chase currently stands at around $480 billion. ETH has been on the rise since the start of 2021. The cryptocurrency crossed the market cap of the Bank of America and PayPal earlier this year.
ETH whale activity has increased during the last few weeks amid a surge in its price. Yesterday, Finance Magnates reported about the movement of 46,793 Ethereum from a digital wallet to cryptocurrency exchange Binance.
“Ethereum top stakeholders have been historically active over the past week, with one 4-hour window on 5 May seeing over 6,300 $100k+ ETH transactions. This explosion in activity beginning on 3 May had much to do with the inevitable rise to $4,200,” on-chain analytics firm Santiment mentioned on Twitter.
The latest price surge in ETH has made Vitalik Buterin, Co-Founder of Ethereum, one of the youngest crypto billionaires after his public Ethereum address crossed 333,520 ETH, which is approximately $1.4 billion in value.
ETH Surged Above $4K With Over $477B Market cap.
The Ethereum price surged and crossed the $4,000 milestone. ETH is trading at $4,132 (as at the time of publishing), bringing its total market cap to more than $477 billion.
Ether, the second biggest cryptocurrency, has grown over 2,000 percent in the last year.
On May 10, 2020, one Ether token was worth $180. a year later, the crypto coin hits over $4,000 for the first time, a rise of over 2,100 percent. Though Dogecoin is sucking up most of the world’s cryptocurrency attention, it’s been a huge May for Ethereum already, as this new milestone comes just a week since the cryptocurrency coin hit $3,000 for the first time.
Ether is a cryptocurrency minted on the Ethereum blockchain. Bitcoin, the most known currency, is built on its own, separate blockchain. But while Bitcoin is more like gold, principally used as a speculative asset, Ether is used by cryptocurrency traders to buy and sell “altcoins”, such as Dogecoin. NFTs, tokens that authenticate ownership of a digital product, are notably bought and sold using Ether, not Bitcoin.
The Ethereum blockchain was founded in 2013 by Canadian-Russian programmer Vitalik Buterin when he was just 19 years old. Buterin has over 333,000 Ether tokens — it’s possible to see other traders’ portfolios if you have their wallet address — which at the current price values his holdings at over $1.36 billion.
The cryptocurrency has been growing rapidly over the past year, mostly over anticipation for its relaunch as Ether 2.0, but this latest rally is tied to the news last week that the European Investment Bank issued $120 million in bonds using Ethereum blockchain.
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