The last week of April Was No Joke for Ethereum
Ethereum has broken quite a few records, reaching its new all-time high price, starting at $2,200 just seven days ago. Now he is breaking his own records, and developing new ideas in the crypto community.
Ethereum Surges to New All-time High
Despite the fact that at the time of writing, the gas fee is quite low by 2020 and 2021 standards, it doesn’t seem to interfere at all with the price of Ethereum, or the DeFi assets under management. In fact, the exact opposite is happening. Both the performance of ETH and DeFi AUM is growing, even if the gas situation suggests low activity.
Just looking at the price of Ethereum, we can assume that, while other leading cryptocurrencies remain at the same level, ETH is slowly but surely growing in the valuation of fiat money. Ether is once again starting to compete with Bitcoin, as a multi-year consolidation was recently interrupted, which is an extremely optimistic argument for Ethereum.
ETH has received an incredible growth boost, breaking several all-time highs, reaching a price of $2,951 on the first of May, and then climbing to the level of $ 3,350 at the moment.
It is unclear whether this trend will continue, however, as traders begin to favor the ETH / BTC charts in their purest form, there is definitely potential for further upward movement.
But this does not exclude the possibility of a significant pullback, as unscrupulous investors and miners continue to put downward pressure on Ethereum.
Evaluation of Ethereum compared to traditional companies
The rapid growth of Ethereum last week put it in the lead among the giants of traditional companies. Currently, Ethereum is valued at $ 388 billion and is considered more valuable than most real companies. In fact, if Ethereum were a real company, it would be ranked the 26th largest in the world.
Thanks to the latest moves, the market capitalization of Ethereum has grown from $260 billion to $388 billion, overtaking Comcast, ICBC, ASML, Roche, Paypal and Procter & Gamble. If this growth continues, Nestle, Walt Disney, Bank of America, Home Depot, and even the company that is partly responsible for the amazing interest in Ethereum Nvidia (valued at $373 billion) could be outperformed in terms of market capitalization.
What contributed to the rapid rise in the price of Ethereum?
Although the markets are unpredictable, following largely volatile conditions across all of the Ethereum markets, this rally and growth is supported by several interesting real-world events, some driven by decisions and others driven by trader psychology. Here are the most likely candidates who have contributed to Ethereum’s recent success:
- The European Investment Bank has launched the sale of “digital bonds” on the Ethereum blockchain.
- The total blocked value of DeFi (in US dollars) rose to $67.89 billion from $51 billion last month.
- Nvidia loses another battle to Ethereum miners with RTX 3080 Ti.
- Traders are changing their focus, and are Pitting Ether against Bitcoin
The growing amount of discussion and controversy about Ethereum in the crypto community will eventually dominate BTC.