The internet has grown familiar with the cryptocurrency industry over the past few months. However, some of its currencies continue to rise at a surprising rate. In fact, Ethereum--the second-biggest cryptocurrency in the world behind only Bitcoin--hits a value of $3000 for the first time.
A cryptocurrency is a digital form of asset created through the blockchain technology with the purpose of using for onnline exchange. It is basically digital currency registered in an online ledger through strong cryptography that makes for a secure transaction online. Depending on consumer use and markets, its values fluctuate between profits and losses. Cnet reported that cryptocurrency now has a market cap of over $350 billion in value and only continues to multiply over the past years.
Over these last few months, Bitcoin and Dogecoin have gained new all-time high values. Bitcoin is the biggest cryptocurrency currently used in the world and remains to be the top valued currency. Dogecoin started as a meme or joke crypto, but its value rapidly grew due to the strong community behind it.
Dogecoin Value Continues to Soar
Dogecoin is a cryptocurrency based on the Shiba Inu doge meme. However, Forbes reported that thanks to the interest of Elon Musk and the internet community, its value exploded to 5000 percent since its release. From its initial release worth 38 cents, the cryptocurrency is about to hit $1 worth of value.
The Dogecoin cryptocurrency continues to circulate on the internet and has gained an overall market value of a little under $50 billion. A chart from the article shows that the Dogecoin value continues to rise, defying critics who warned against investing in the currency that will come crashing down as quickly as it rose.
Ethereum Price Reaches $3,000
However, Ethereum makes its mark on this month of May. Ethereum was once priced a little over $207. On Saturday, after a year of being used in the online community, the Ethereum "coin" could be converted up to $3000 worth of value, as Cnet reported.
This sudden spike of value has been linked to the news on European Investment Bank (EIB) issuing $120 million (€100 million) in bonds using Ethereum blockchain.
Cryptocurrency Increases in Popularity
The European Investment Bank is not the first industry to invest in cryptocurrency. In March, Tesla invested $1.5 billion to liquidate Bitcoins in the company's stocks. Now, the automaker is accepting cryptocurrencies as a form of payment to their products.
The NFT market has also had a lot of success in these last few months. Last week, memes had been sold as NFT and easily earned $500,000 in the market. More auctions are expected to happen in these coming months.
Cryptocurrencies have been around for as long as July 2015. Its spike in activity over these last few months is proof of its rising value and its gaining stability in the cryptocurrency native economy. Keep an eye out for more cryptocurrency news that might soon affect the world markets.
Related Article: Ethereum Price Prediction Sees Massive Long-Term Increase: Crypto Value Could Reach $5,000 Each!