Ethereum’s weekly recap has eclipsed the psychologically significant level of three thousand USD per coin on Monday, surging as high as 3,200 USD as per CoinMarketCap. The price of the second largest digital currency by market cap reached the milestone on numerous major virtual currency exchanges, including Coinbase, Binance, Bybit, and BitMEX.
The significant increase in price has helped Ethereum overtake institutions such as Bank of America and Walt Disney Company in terms of total market cap. Ethereum’s market cap has surged over twenty five percent on the week to around 350 Billion USD, as per coinmarketcap.
The exceptional run has even prompted renewed postulation that ETH might “flippen” BTC, getting past Bitcoin as the largest virtual asset in the world.
Notably, multiple headwinds share responsibility for the upsurge of the world’s largest smart contract-enabled layer-one blockchain. The primary reason is an ongoing boom in activity on the blockchain, including from institutional establishments. Retail interest in DeFi has also been springing up as of late, with total value locked under decentralized finance protocols touching remarkable highs over 100 Billion USD.
Nevertheless, the “London” hard fork along with the ensuing emerging Ethereum 2.0 transition to a POS consensus model may be the key events investors are anticipating. The aforementioned upgrades to the blockchain are anticipated to remarkably lessen transaction fees on the network, as well as decrease the amount of tokens awarded to ETH miners. This, in turn, is contemplated to reduce the sell-side pressure on the crypto asset.
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