Started from the bottom now we here. Ethereum was around $207 per token last year and now its price has flown past the $3000 mark. Ethereum is now the second-biggest cryptocurrency on the market. Great now bitcoin miners have an alternative as well. The price increase was to be expected given Ethereum has been making headlines lately and the overall increased popularity of cryptocurrencies has also attributed to this increase.
April might not have been Ethereum’s month since bitcoin and Dogecoin reached their all-time highs during the month but May has only just started and it already looks like Ethereum is going to steal the show. Experts suspect that the price will rise even further when the currency relaunches as Ether 2.0.
Ethereum currently has a market cap of about $350 Billion and has been growing rapidly over the past year. This is in part due to the coming relaunch and also because the European Investment Bank issued $120 million worth in bonds using the Ethereum blockchain.
Ethereum is the most used cryptocurrency when it comes to trading. Bitcoin being worth so much, around $58,000 per token, is mostly used as an asset that people can buy and keep for a rainy day. For comparisons Bitcoin currently has a market cap of over a trillion dollars. Ether, the cryptocurrency built on the Ethereum blockchain, is widely used for trading. It is used to buy other currencies and also NFTs. NFTs are tokens that show the ownership of digital artwork or products.
The sad part is that this will serve as a motivation for the miners again. Making them buy up even more stock of cards that will come in the future. Cryptocurrency, though a good way to make money and a good investment, is also hurting the consumer electronics market. This isn’t even limited to graphic cards as anymore as recent news shows that even hard drive and SSD prices are surging in some Asian markets.
Ethereum has plans to grow even more with the relaunch of the currency as Ether 2.0. The technicality aside, they say the new currency will be much more efficient and will change the way tokens are minted. This also means that the coins will be somewhat environmentally friendly as well.