Ethereum price hits an all-time high of $ 3,136, co-founder Vitalik Buterin becomes a billionaire
Continuation of ETH’s bull run. Ethereum price hit a new all-time high on May 3, at $ 3,136, making Ethereun co-founder Vitalik Buterin a crypto billionaire.
ETH/USD 4-hour chart | Source: TradingView
Ethereum price hits an all-time high of $ 3,136, co-founder Vitalik Buterin becomes a billionaire
Ethereum price is currently trading at its highest ever, over $ 3,130, recording a gain of more than 9% over the past 24 hours, 28% over the past seven days.
ETH topped the psychological barrier of $ 3,000 for the first time just a few hours ago but has continued to push higher leading to a 6% gain since the same time yesterday. Since the beginning of 2021, Ethereum has soared 325% from its current level, outstripping bitcoin (BTC), which has doubled in price over the same period.
This massive upside move made Ethereum co-founder Vitalik Buterin a billionaire through his holdings of ETH. In October 2018, Buterin shared his ETH address to reveal it to his personal assets.
He added that there are many more addresses:
Though that doesn’t just include sales, it also includes some gifts and charity donations.
— vitalik.eth (@VitalikButerin) October 10, 2018
Today, those 333,520 ETH is worth a staggering $ 1.03 billion.
In an investor note on April 29, Fundstrat predicted that Ethereum price would reach $ 10,000 but did not specify when:
“We’re maintaining our overweight Ethereum vs. Bitcoin recommendation from April 2020 and reiterating our ~$10.5k price target from January this year.”
JPMorgan Wall Street Bank has also sent notes to investors advising them to increase the price on Ethereum. Last week, JPM analysts stated that ETH is not leveraged Bitcoin and as a result not as volatile.
Strategists predict that it will continue to outperform its big brother over the long term:
“To the extent owning a share of this potential activity is more valuable, the theory goes, ether should outperform bitcoin over the long run.”
In terms of market capitalization, ETH has now hit a record at just $ 360 billion. This makes the assets larger than PayPal and Bank of America. MasterCard is not far behind with a market cap of just under $ 380 billion.
Crypto Youtuber, Lark Davis, observes that with the deflationary economic change of assets and the transition to proof of stake, it becomes something that brings in passive income.
He stated:
“The more I think about it, the more I feel like I may never sell my Ethereum. It’s going to be a deflationary asset with 5% annual rewards, ETH at $10,000 will be a passive income beast!”
Those who bet when the Beacon Chain launches in early December will see compound profits in price gains and additional yields in ETH itself. With this narrative strengthening, the number of Ethereum millionaires is also likely to increase.
Disclaimer: Opinions expressed at AZCoin News are not investment advice. Investors should do their due diligence before making any high-risk investments in cryptocurrencies. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. AZCoin News does not recommend the buying or selling of any cryptocurrencies.
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