Ethereum (ETH) has crossed the $ 3,000 mark and is now worth more than big giants such as The Walt Disney and Bank of America.
to the the report Coin Telegraph, the price of digital ether (ETH) currency went beyond $ 3,000, which was a psychologically important point, and at the time of writing, it has reached $ 3,105. Ether has set the record at several major exchanges, including Bybit, Coinbase and BitMEX.
The price increase pushed the overall Ethereum market value higher than that of companies such as Walt Disney and Bank of America. The market value of the world’s largest first-tier smart contract platform rose 24 percent this week to $ 346.72 billion, according to the Infinite Marketcap website.
By comparison, Bitcoin currently has a market value of $ 1.079 trillion, just below the silver market value of $ 1.416 trillion and higher than Facebook’s $ 923.12 billion.
Ether’s dramatic rise has even fueled speculation that Ethereum could overtake Bitcoin, the world’s largest digital currency.
Various factors have contributed to the growth of the Ethereum. The first is the growth of activity in the Ethereum Blockchain, which includes the activity of institutions. Last week, for example, the European Investment Bank announced that it would issue $ 121 million worth of two-year digital bonds in partnership with some banks, including Goldman Sachs.
The interest of small investors in Difai has also been increasing recently, and the total value locked in this area has reached a significant figure of $ 100 billion.
However, the London Hard Fork, which includes the EIP-1559 improvement plan to reform Ethereum’s fee structure, as well as the transition to Ethereum 2 for the transition to the Proof of Consensus (PoS) model, are the most important events investors have been waiting for.
These updates to the Ethereum network are expected to significantly reduce commissions as well as reduce miners’ rewards. These factors, in turn, can reduce the pressure to sell ether.
David Hoffman, the host of Ethereum Bankless educational media, believes Ethereum’s initiatives are as effective as the three halving events in Bitcoin. The Hawing event takes place almost every four years in the Bitcoin blockchain, during which the reward for the bitcoin blocks is halved. The prevailing perception is that the Hawing event is driving up the price of bitcoin.
The impact of the three Ethereum Hawings on its price is not over yet.
Ethereum also competes with other layered blocks of a smart contract. Ethereum’s growing popularity is partly to blame for the exorbitant increase in transaction fees in the Blockchain (although fees have fallen somewhat in recent weeks). High Ethereum fees in the absence of Layer 2 scalability solutions mean increased activity in competing strata.