Disclaimer: This article aims to convey more market information and does not constitute any investment advice. The article only represents the author's viewpoint and does not represent the official stance of Mars Finance
Disclaimer: This article aims to convey more market information and does not constitute any investment advice. The article only represents the author's viewpoint and does not represent the official stance of Mars Finance.
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Source: BitpushNews
Today, Ethereum broke through $3300, a record high.
According to the data of AssetDash, the market value of Ethereum has risen to the 18th place in global assets, which is about 390.609 billion US dollars, surpassing Nvidia and Mastercard, and Bank of America now ranks 24th.
Standard&Poor's Dow Jones Index Co., Ltd. released Bitcoin and Ethereum crypto index on Monday. By comparing the two indices, we can see that Bitcoin's value has increased by 95.67% year to date, while ETH's value has increased by 273.72% year to date.
Ki YoungJu, CEO of CryptoQuant, a Korean crypto analysis startup, believes that the strong price trend of Ethereum is due to the massive purchase of ETH by institutional investors.
MogoInc., a digital payment and financial technology company (NASDAQ: MOGO) Today announced that it has purchased about 146 Ethereum and plans to invest 5% of its cash and portfolio value in Cryptocurrency.
Ethereum 2.0 successfully completed PoS integration in the developer test network. Diederik Loerakker, a developer of Ethereum 2.0, said that the test network is now in a rather unstable state and is more used as a tool for developers to debug clients. More user centric testing networks will be running in the coming weeks.
The rise of Ethereum has many factors. The first is the continuous surge of activities on the chain, including those from institutional entities: the European Investment Bank announced that it would cooperate with Goldman Sachs and other banking entities to issue two-year digital bonds worth 121 million dollars. Retail investors' interest in DeFi has also been increasing recently, with a total value of over $100 billion locked in.
However, the "London" hard bifurcation, including the EIP-1559 upgrade of Ethereum's charging structure, and the upcoming transition from ETH2.0 to the consensus model of proof of equity, may be the main events expected by investors. These upgrades to the network are expected to significantly reduce costs and the number of ETHs awarded to miners, which in turn is expected to reduce seller pressure on ETHs.
The popular New Zealand encryption analyst Lark Davis reiterated his price target of $10000 for Ethereum on Twitter today.
Jason Yanowitz, co-founder of Blockworks, pointed out that the market value of Ethereum is now higher than that of all banks in the world except JPMorgan Chase.
Due to the soaring price of Ethereum, Vitalik Buterin, the co-founder of Ethereum, became the youngest encryption billionaire. He wrote the initial Ethereum white paper and posted it on his blog in December 2013. According to Etherscan's on chain data, VitalikButerin's main wallet address holds approximately 333500 ETHs.
JPMorgan Chase, the world's top investment bank, said in a research report that Ethereum has outperformed Bitcoin recently. It believes that Ethereum's liquidity is more flexible. In the market recovery phase, Ethereum transactions resumed in depth rapidly. At the same time, the spot turnover rate of Ethereum is much higher than that of Bitcoin.
As for the increase of Ethereum price, FundStrat, a market research company, said that since Ethereum Network is developing new financial applications, the scale of Ethereum has increased significantly. Since the second half of 2020, on chain projects including DeFi and NFT concepts have emerged one after another, continuously creating a "wealth creation myth".
The sharp rise of Ethereum has even triggered new speculation that Ethereum may "subvert" Bitcoin and replace it as the world's largest digital currency.
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