Trading News

Read The Latest News & Analysis

Ether Hits $3,000, Now larger than Walt Disney Company

Ether hits $3,000
Share on:

Ether hits $3,000 on Monday. The second-largest cryptocurrency is having a whopping rise ahead of London hardfork.

Ethereum is now larger than Walt Disney and Bank of America in terms of total market cap. Ether, the native currency of smart-contract enabling platform ethereum, has smashed the psychologically significant barrier of $3,000.

At the time of this publication, Ethereum is trading at $3,276. The price has increased 24% over the week. The total market cap of ethereum is around $346.72 billion. It is among the top 30 assets of the world.

Ethereum is on the rise since the start of this year. It reached $2,000 on February 18th for the first time in history. Today, the coin has broken another price record.

Altcoins follow the bitcoin price surge most of the time in the crypto market. Every time the BTC price goes up, altcoin season sets in subsequently. However, ethereum is having its own price rally unaffected by Bitcoin’s market.

In the last week, bitcoin went significantly down in value. Nonetheless, ethereum kept its upward rally.

Reasons For Ethereum’s Price Rise:

Ether hits $3,000 following the growing institutional interest in the currency. Earlier, European Investment Bank announced the plan to issue digital bonds backed by the ethereum network. This will increase activity on the ethereum blockchain.

The investments in defi (Decentralised Finance) are also on the rise. As of yet, the value locked in defi has crossed $100 billion.

Ethereum network is also seeing some upgrades lately. The developers are transferring its model from proof-of-work to proof-of-stake. In this regard, ‘London’ hardfork is over the horizon. Speculators consider it the primary reason for ether’s rally towards $3,000.

The “London” upgrade will decrease the fees on the ethereum network. Moreover, the reward for miners will also diminish. Subsequently, the pressure on the sell-side of the asset will decrease.

Recent News

crypto market

Richest Crypto Billionaire CZ has Assets Worth $96 Billion

Cryptocurrency has cultivated a new generation of billionaires The CEO of Binance exchange, Changpeng Zhao, is the richest crypto billionaire with his wealth amounting to $96

crypto market

Crypto Market Keeps Dropping on the Watch

Bitcoin reached $32K on Monday after significantly dropping over the weekend The whole crypto market went south following the pioneer cryptocurrency The sentiments of fear

crypto market

Multi-Million Dollar Crypto Scam: Pakistan to Investigate Binance

Federal Investigation Agency (FIA) of Pakistan has started a criminal investigation into a multi-million dollar crypto scam that involved people sending crypto funds from their

crypto market

Bitcoin Buyers are Holding and Accumulating Instead of Selling, Glassnode Reveals

Glassnode’s weekly report suggests that Bitcoin buyers are now holding as 76% of the supply of the coin became illiquid In the first week of 2022, the Bitcoin market is

Let's Chat