Ethereum Rises to All Time High
Ethereum has risen to an all time high of $2080 at the time of writing, up from its previous all time high of $2050 in February.
That follows stock futures indicating a new all time high for the S&P 500 and Dow Jones indexes on numerous positive economic data.
Bitcoin has been lagging on the other hand, stuck at $59,500 as it consolidates ahead of a potential retake of $60,000.
Ethereum began gaining on bitcoin on the 31st of March, with it continuing its gains today to now 0.035 btc per eth.
That coincides with Newsnight becoming the first mainstream program to mention ethereum in the context of NFTs.
Until that point ethereans had to listen to media describing NFTs as running on a bitcoin-like blockchain, but perhaps that is changing, albeit very slowly.
The boom in NFTs itself is probably one big reason for this rise in eth, as is the gains in Defi with Uniswap reaching $37 recently, up from $4 in January.
In addition ethereans are waiting for the fee burning EIP1559 which now will probably go through this summer without any problems after some miners backed down from previous threats.
Then there’s the merger perhaps by the end of the year, but more likely sometime in early 2022, that will remove the new supply coming from miners as ethereum at that point will become fully Proof of Stake.
The bitcoin consolidation in addition has clearly given the world computer an opening for some bullishness, with some suggesting this might go to $2,500 before any significant correction, but that remains to be seen.
Source: Read Full Article