Ethereum broke the $ 3,000 barrier, rising to $ 3,155 on the Binance platform, and the coin’s price reached a milestone on several major exchanges, including Bybit, Coinbase and BitMEX.
And the increase in Ethereum helped outpace corporations such as: The Walt Disney Company and Bank of America, in terms of overall market value.
The market value of the digital currency rose by 24 percent over the course of the week to reach $ 364.94 billion.
For comparison, it informs Market value Bitcoin has $ 1.097 trillion, less than the total market value of silver of $ 1.43 trillion, but exceeds the market value of social media company Facebook of $ 923 billion.
There are a number of reasons that have helped Ethereum rise, such as the continuous increase in activity across its blockchain, including from corporate entities.
The European Investment Bank announced that it was issuing a two-year digital bond worth $ 121 million in cooperation with banking entities such as Goldman Sachs.
Interest in DeFi financing has also risen recently, with total value locked in highs above $ 100 billion.
However, a network update called London, which includes an overhaul of the Ethereum fee structure, as well as the looming subsequent transition of ETH 2.0 to a proof-of-stake consensus model, may be the main events that investors expect.
These network upgrades are expected to significantly reduce fees, as well as reduce the amount of Ethereum being rewarded to miners, which in turn is expected to reduce the selling side pressure on the digital asset.
Investors are betting that Ethereum will be of greater benefit in the future decentralized financial system, as the currency has risen by more than 300 percent for the year so far, easily outpacing the 95 percent increase in the most popular bitcoin.
The surge is partly offsetting the gains Bitcoin made in late 2020.
Bitcoin was leading the rally in the beginning because it represents the first natural refuge for investors entering this field, but as the rally has matured over the past six months, all eyes are turning towards DeFi financing, and many of the currencies of decentralized financing are built through the Ethereum network.
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