What is the truth behind Ethereum skyrocketing?

Today, Ethereum broke through $3,300, another record high.

AssetDash data shows that the market value of Ethereum has risen to the 18th place in global assets, currently about 390.609 billion US dollars, surpassing Nvidia and MasterCard, and Bank of America is now ranked 24th.

Standard & Poor's Dow Jones Indices LLC released a bitcoin and ethereum encryption index on Monday. By comparing the two indices, we can see that the value of Bitcoin has increased by 95.67% year-to-date, while the value of ETH has increased by 273.72% year-to-date.

Binance: Ethereum and ERC20 token withdrawals have resumed: Trading platform Binance: Ethereum and ERC20 token withdrawals have resumed. (Golden Ten) [2021/5/19 22:22:15]

Ki Young Ju, CEO of South Korean crypto analytics startup CryptoQuant, believes that Ethereum’s strong price action is due to institutional investors buying ETH in large numbers.

Digital payments and financial technology company Mogo Inc. (NASDAQ: MOGO) announced today that it has purchased approximately 146 Ethereum, planning to invest 5% of its cash and portfolio value in the cryptocurrency.

Ethereum 2.0 successfully completed the PoS merger in the developer test network. Ethereum 2.0 developer Diederik Loerakker said that the testnet is now in a rather unstable state and is more of a tool for developers to debug clients. More user-focused testnets will be running in the coming weeks.

News | 78,177 unconfirmed transactions on Ethereum: According to data from Etherscan.io, there are 78,177 unconfirmed transactions on Ethereum. The total network computing power of Ethereum is 177.24 TH/s, the current mining difficulty is 2248.07 TH, and the transaction processing capacity is 5 TPS. [2019/9/10]

There are multiple factors contributing to the rise of Ethereum. The first is the continued surge in on-chain activity, including from institutional entities: the European Investment Bank announced that it will partner with banking entities such as Goldman Sachs to issue a $121 million two-year digital bond. Retail investor interest in DeFi has also been on the rise recently, with the total value locked reaching over $100 billion.

BlockCiti, points can be exchanged for Ethereum: Korean blockchain community EtherLab announced in the blockchain community BlockCiti that accumulated points can be exchanged for Ethereum. BlockCiti is a Korean blockchain community that pays points through activities such as recommendation or publishing articles, and exchanges them for virtual currency. The points provided in this community can be used in the corresponding e-commerce shopping, or in the purchase of tickets for blockchain-related seminars. [2018/5/2]

However, the “London” hard fork, which includes the EIP-1559 upgrade of Ethereum’s fee structure, and the subsequent upcoming transition of ETH 2.0 to a proof-of-stake consensus model, is likely to be the main event that investors look forward to. These upgrades to the network are expected to significantly reduce fees, as well as reduce the amount of ETH rewarded to miners, which in turn is expected to reduce sell-side pressure on ETH.

Popular New Zealand-based crypto analyst Lark Davis reiterated his $10,000 price target for Ethereum on Twitter today.

Blockworks co-founder Jason Yanowitz pointed out that the market capitalization of Ethereum is now higher than that of all banks in the world except JPMorgan Chase.

Ethereum co-founder Vitalik Buterin has become the youngest crypto billionaire due to skyrocketing ethereum prices. He wrote the original Ethereum white paper, which he posted on his blog in December 2013. According to data on the Etherscan chain, Vitalik Buterin's main wallet address holds about 333,500 ETH.

The world's top investment bank JPMorgan Chase said in a research report that Ethereum has outperformed Bitcoin recently. It argues that Ethereum’s liquidity is more resilient. During the market recovery phase, the Ethereum transaction depth recovered rapidly. At the same time, the spot turnover rate of Ethereum is much higher than that of Bitcoin.

Regarding the growth of the price of Ethereum, market research firm FundStrat stated that the size of Ethereum has grown significantly due to the development of new financial applications on the Ethereum network. Since the second half of 2020, on-chain projects including DeFi and NFT concepts have emerged in an endless stream, continuing to create a "myth of wealth creation".

Ethereum’s surge has even sparked fresh speculation that ethereum could “upend” bitcoin, displacing it as the world’s largest digital currency.

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