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Ethereum hits $ 3,000 for the first time, now larger than Bank of America

Ethereum’s ETH token has exceeded the psychologically significant $ 3,000 per. Token today and rose as high as $ 3,003 on Binance at the time of publication. The ETH price reached the milestone on several major exchanges, including Bybit, Coinbase and BitMEX.

The increase has helped Ethereum overtake institutions such as The Walt Disney Company and Bank of America in terms of overall market value. The world’s largest smart contract-activated lag-one has grown by 24% during the week to $ 346.72 billion. Pr. Infinite Marketcap Tracking Website. In comparison, Bitcoin currently sits at a market value of $ 1

.079 trillion, just below the total market value of precious metal silver of $ 1.416 trillion and above the social media company Facebook to $ 923.12 billion dollars.

The remarkable race has even prompted renewed speculation that Ethereum could “flip” Bitcoin and overtake BTC as the largest digital currency in the world.

Several headwinds share responsibility for Ethereum’s rise. The first is a steady increase in activity in the chain, including from institutional units: earlier this week, the European Investment Bank announced it would issue a $ 121 million two-year digital bond in partnership with banking units such as Goldman Sachs. Retail interest in DeFi has also risen too late, with total value-locked numbers reaching astonishing heights above $ 100 billion.

However, the “London” hardfork, which includes the EIP-1559 overhaul of Ethereum’s fee structure as well as the subsequent looming ETH 2.0 transition to a proof-of-stake consensus model, may be the key events that investors expect. These upgrades to the network are expected to significantly reduce fees as well as reduce the amount of ETH rewarded for miners – which in turn is expected to reduce the pressure on the sales side of the asset.

David Hoffman, host of the Ethereum training media company Bankless, has compared the various initiatives to the equivalent of three separate “halves”, an event that takes place about every four years, with the Bitcoin blockchain being cut in half. Halves are thought to contribute to Bitcoin’s price improvement.

Ethereum, however, has some competition in the form of other smart contract-activated layer-a-chains. Ethereum’s growing popularity is partly due to disproportionately large transaction fees in the chain (although they have fallen somewhat in recent weeks), and in the absence of viable layer 2 scaling solutions as a collection means more competing chains have seen an increase in activity.