The crypto streets are really giving it their all as their second-largest digital offering, Ethereum smashes past the $4,000 mark to set a new record in 8 days.
The latest All-Time-High stat closes a week’s worth of remarkable growth. Last Monday, Ethereum’s price rallied as much as $3,000, and the next day, it hit $3,500 due to high-rise institutional investments made by some prominent figures of the game.
While most would expect Ethereum’s grass to get greener with every passing week, there’s still a lot of time for the currency to go before it stops playing second fiddle to Bitcoin. However, change sometimes can be cataclysmic, and it’s possible for the BTC to hand over the crown to Ethereum by 2025. Chris Weston, who is the head of research at brokerage firm Pepperstone, said in this regard that “everyone’s been in Ethereum. It’s not a meme joke coin, it actually has some application use”.
While Bitcoin is a form of digital cash, Ethereum is digital cash and more. For instance, the ETH blockchain helps create decentralized digital financial services with smart contracts, called DeFi. While the idea is still new, such services on the ETH framework are already holding $75 billion, according to Decrypt.
Overall, the Ethereum bubble is accountable for $477 billion of the total crypto market cap, while Bitcoin holds $1.1 trillion.
The Dogecoin boasts an encouraging $69 billion despite dropping 30% in the past 36 hours. While the currency was created as a joke, the U.S. Securities and Exchange Commission really doesn’t like to talk or hear about it. They even flag people like Elon Musk for talking about it, on the basis that it would affect Doge trends.
May 2021 will be quite interesting, inevitably.