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| For the first time Ethereum crossed $ 3,000 |
Ethereum crossed the $ 3,000 mark, climbed to $ 3,155 on the Binance platform, and the token price reached a milestone on several major exchanges (including Bybit, Coinbase, and BitMEX).
Ethereum's growth allowed companies like Walt Disney Company and Bank of America to outperform other companies' overall market value.
The cryptocurrency market cap rose 24% in a week to $ 364.94 billion.
In contrast, Bitcoin's market value is $ 10.97 trillion, which is less than the total cash market value of $ 1.43 trillion, but exceeds Facebook's market value of $ 923 billion.
There are many reasons for Ethereum's rise, such as the continuous increase in activity on the blockchain (including companies).
The European Investment Bank announced that it will partner with banking companies such as Goldman Sachs to issue a two-year digital bond worth $ 121 million.
Interest in financing has also increased recently. The total value is at a high level of over $ 100 billion.
However, what is known as the London Network Modernization includes a complete overhaul of Ethereum's fee structure and the imminent move from ETH 2.0 to a proof-of-stake consensus model, which may be the event investors have been expecting.
These network upgrades are expected to significantly lower fees and reduce the amount of Ethereum given to miners, which in turn will ease the pressure on digital asset sellers.
Investors are betting that Ethereum will benefit greatly from the decentralized financial system in the future, as the currency has grown by more than 300% so far this year and slightly outperformed the 95% growth of the most popular Bitcoin.
The payment was able to partially offset Bitcoin's gains in late 2020.
Bitcoin led the rally from the start as it was the first natural haven for investors to enter the field. However, as the rally has matured over the past six months, all eyes have been on decentralized finance, and many currencies are being built for decentralized financing through the Ethereum network.