Ethereum surges past $3,100 and continues to climb
There was a slight drop in bitcoin after it set a new high last month. The world’s most valuable cryptocurrency is still recovering from its recent drop. On the other side, the biggest altcoin hasn’t taken quite as long to hit new heights. In reality, Ethereum hit $3,100 last night and doesn’t appear to be slowing down any time soon!
The price of Ethereum has risen above $3,100.
Since late April, Ethereum has been on a tear, shattering record after record. We saw the currency reach the virtual counter for $2,100 in early April. Within a month, the value of ETH had nearly doubled.
Since last night, the currency has been steadily rising with just a few minor dips. In a month, the record would most likely be a distant memory.
The success of Ethereum and its recent breakout at $3,100 are the product of a number of favorable circumstances. The fact that ETH is the second most valuable cryptocurrency after Bitcoin in terms of market capitalization instills trust in investors. It’s a secure currency to put money into.
Furthermore, NFTs have recently gained in popularity. The Ethereum blockchain, among other items, makes this possible. Let’s not forget the most obvious reason: the currency continues to display solid, well-controlled growth, which attracts new investors.
Institutional demand is at an all-time high. Ethereum’s scalability issues have kept many investors and developers away from the project in recent years. When the network is at capacity, transaction costs are high and transactions slow. The hard fork London, scheduled to launch in July, aims to change that.
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