Ethereum blasts past $3,000 but many experts say it will go much higher!
A financial advisor sees Ethereum (Ether), the world’s second biggest cryptocurrency reach $5,000 per coin this week!
As Bitcoin has taken a hard hit recently with it losing much of its value thanks to President Biden’s capital gains tax hike, crypto investors are flocking to Ethereum instead. Ethereum broke $3,500 today (4 May 2021), up 12%, while Bitcoin was down 4.5%. Bitcoin is no longer the king of cryptocurrency!
The meteoric rise of Ether has been attributed to several developers building decentralized finance (DeFi) applications on its blockchain platform. In addition, the European Investment Bank has issued a brand-new digital bond using Ethereum’s technology and many more banks may possibly follow suit.
Crypto looks like it is here to stay, this year we have seen huge inflows of capital from institutional investors as the professionals are latching onto to the idea that crypto may be the future of finance. Worries about the devaluing of fiat currencies (such as the US dollar) due to the huge amount of COVID stimulus from governments has accelerated the interest in crypto. Bitcoin is of course the most well-known cryptocurrency but Ethereum has some unique advantages.
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Ether (which runs on the Ethereum network) and Bitcoin are both digital currencies that have a store of value but the Ethereum network is an open-ended decentralized software platform. Ethereum comes with its own programming language that runs on its blockchain. This allows developers to build decentralized applications (dapps) on it. This gives Ethereum a huge range of possible applications which some investors think may give it an advantage over Bitcoin.
Ethereum has had a record week already but Nigel Green, CEO of the financial advisory firm deVere Group says, ‘its time has come’ and expects it to hit $5,000 in the next week.
As of Tuesday, 4th May, Ethereum’s price sits around $3,350 per Ether token.
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By Richard Ahern – LifeLine Media
Contact: [email protected]
References
1) Bitcoin Price Gets DEMOLISHED by President Biden: https://lifeline.news/latest-financial-news
2) Welcome to Ethereum: https://ethereum.org/en/
3) Ethereum: https://www.investopedia.com/terms/e/ethereum.asp
4) Ethereum ETH Price Coindesk: https://www.coindesk.com/price/ethereum
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