Ethereum, one of the best performing cryptocurrencies has surpassed the critical $3000 mark as it valued at $3021.67 and continues to increase currently valued at $3180.27. The cryptocurrency has outperformed all expectations and analysis. The current market cap of the currency is $349.4 billion.
The currency rose 2% to hit the mark. Currently, the currency has outperformed every other digital currency in terms of rate of increase and stability. Despite, the loss in value in the previous month, the currency rallied up to make up for the losses and gain more market valuation.
It is not only the second-largest cryptocurrency but also has a market valuation more than of companies like PayPal, Disney and is currently floating around the market cap of Bank of America. This is an absolute achievement for digital currency.
The rise in price can be attributed to a number of factors out of which the experts say most important is the increasing popularity of Decentralized Finance (DeFi) and Non-Fungible Token (NFT’s). NFT’s and DeFi are highly dependent on the Ethereum blockchain. NFT’s are a rage these days and are selling for millions such as an artwork auctioned by Christie’s of Beeple fetched a heavy amount of $69 million. NFT’s are secured by the Ethereum blockchain to ensure security.
Investors have been celebrating the rise in the price of Ethereum-
— LilMoonLambo (@LilMoonLambo) May 2, 2021
Further increase in the price of Ethereum is expected by market experts and analysts as the blockchain is proving useful in work regarding the development of projects. The stability and consistency in its performance have inspired hope in the crypto market.