Ethereum price broke the $ 3,056 mark for the first time

Ethereum price has achieved a new all-time high at $ 3,056. As such, ETH has now grown by more than 1,300% over the past year and has a market cap of $ 352 billion.

ethereum-price-broke-the-3056-mark-for-the-first-time

ETH/USD 4-hour chart | Source: TradingView

The second-largest cryptocurrency by market cap – Ethereum price broke the $ 3,056 mark for the first time

This week’s rise in Ethereum follows reports that the European Investment Bank (EIB) has sold $ 121 million worth of digital bonds on Ethereum. Goldman Sachs, Societe Generale, and Banco Santander also played a role in EIB’s bond sales, Bloomberg Law reported. News is seen as another indication of the existential strength of Ethereum over a myriad of financial use cases.

EIB used Ethereum because the network allows the creation of many fungible tokens, known as ERC-20 tokens. The EIB test comes after Santander used the Ethereum mainnet for its own blockchain bonds in September 2019. Both are major endorsements of the network.

Some of the highly anticipated updates to Ethereum will come online over the next few months.

On July 14, Ethereum will integrate an upgrade called EIP-1559. The upgrade will reduce the overall supply of ETH by burning billions of coins that would otherwise be passed on to miners.

According to the law of supply and demand, the broad expectation is that EIP-1559 will increase the price of Ethereum. Perhaps, the mere anticipation of the upgrade has had such an effect.

After that, there was a bigger transition to Ethereum 2.0. This translates the network to proof of stake, rather than current energy-intensive proof of work. The first step of this transition is the so-called consolidation, which is temporarily scheduled for the end of 2021. Ethereum 2.0 also promises to reduce transaction costs and increase the throughput of the network.

Historically, Bitcoin has led to changes in price in the cryptocurrency market, regulated by altcoins including Ethereum. But the tide is changing.

At the beginning of the year, Bitcoin accounted for about 70% of the market and 12.8% of Ethereum. Now, Bitcoin accounts for 50% of the market and Ethereum at 14.65%. Binance Coin (BNB) increased its dominance by 4 times, to 4%, in the same time period.

And according to Money Movers, which tracks the volume of daily payments across the two networks, Ethereum processes almost twice the size of Bitcoin.

You can see the ETH price here.

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