Ethereum has reached an all-time high value of $2,750, outperforming Bitcoin and other cryptocurrencies in the market today. This year alone, the cryptocurrency has skyrocketed its worth more than 10 times, and it is predicted that it will rise again soon.
Ethereum Price Will Rise From $3000 to $5000
With the current Ethereum price increase, Independent reported that it is the third time the cryptocurrency has reached new heights. The crypto is now valued with a whopping $322 billion, one-third of Bitcoin's market cap.
CEO and co-founder of the Global Payment Mercuryo, Petr Kozyakov, told the publication that Ethereum would rise again from $3,000 to $5,000 in the long run as buyers will not pass up another opportunity to be a part of such a growing market . Kozyakov added that if the cryptocurrency continues at its current pace, buyers will see a big boom for Ethereum.
CEX.IO Executive director Konstantin Anissimov also stated that Ethereum has a significant lead from Bitcoin. If buyers continue at this pace, they will see a $3000 value increase in a couple of days.
In an MSN report, founder and CEO of Glint, Jason Cozens, stated that the rise of Ethereum offers excellent control over the investments away from central banks.
Cozens added that the cryptocurrency's $2750 price point indicates that people lean more to crypto as a way of payment, and they are "embracing alternatives to fiat currencies that offer great control over how they save and spend their money."
Ethereum Outperforms Bitcoin
On other news, Coinbase reported that Bitcoins have dipped into $50,000 territory--decreasing from the $64,000 mark to $52,964 as of time of writing. There has been a $3,000 price drop over the last 24 hours of the leading cryptocurrency.
According to GSR President Rich Rosenblum, the reason for this is that people lose focus on Bitcoin as Ethereum and other cryptocurrencies enter the market.
Inside Bitcoins added that Ethereum has increased by over 11 percent in the past week, with a three percent growth in the past 24 hours. This is because more retail and institutional investors are now using the cryptocurrency as an alternative payment for their products.
New products that receive Ethereum as payment have also dramatically increased in the past week, valued at $34 million and $792 million since January 2021. Another factor contributing to Ethereum's rise is the positive performance reduction in the crypto's being held on exchanges, showing that holders of this currency are not selling.
The latest Ethereum rise in value comes after the European Investment Bank announced its plans to set up a digital bond on the Ethereum network.
This crypto bond will be sold for two years and will be held by American investment bank Goldman Sachs, Spanish multinational financial services company Banco Santander, and French international investment bank Societe Generale.
Bitcoin's market dominance continues to decline by 73 percent at the start of 2021 and has reportedly seen a 49 percent decline at press time. If this continues, Ethereum will take first place soon. Another cryptocurrency that Enthereum and Bitcoin should look out for is the rising Dogecoin backed by Tesla CEO Elon Musk and billionaire investor Mark Cuban.
Related Article: Bitcoin Price Prediction 2021: 50% Drop in Value Possible!