Further growth may be on the horizon for the world's largest smart contract platform. Ethereum’s ETH token has eclipsed the psychologically significant $3,000 per token mark today, rising as high as $3,003 on Binance at the time of publication. ETH price reached the milestone on several major exchanges, including Bybit, Coinbase and BitMEX.
The surge has helped Ethereum overtake institutions such as The Walt Disney Company and Bank of America in terms of total market cap. The world’s largest smart contract-enabled layer-one has grown 24% on the week to $346.72 billion, per tracking website Infinite Marketcap. By comparison, Bitcoin is presently sitting at a $1.079 trillion market cap, right below the total market cap of the precious metal silver at $1.416 trillion and above social media company Facebook at $923.12 billion.
The remarkable run has even prompted renewed speculation that Ethereum could “flippen” Bitcoin, overtaking BTC as the largest digital currency in the world.
Multiple headwinds share responsibility for Ethereum’s rise. The first is an ongoing surge in activity on the chain, including from institutional entities: earlier in the week the European Investment Bank announced it would be issuing a two-year digital bond worth $121 million in collaboration with banking entities such as Goldman Sachs. Retail interest in DeFi has also been rising as of late, with total value locked numbers reaching astonishing highs 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 prime events investors are anticipating. These upgrades to the network are expected to significantly decrease fees, as well as reduce the amount of ETH rewarded to miners — which in turn is expected to decrease sell-side pressure on the asset.
David Hoffman, a host for the Ethereum educational media company Bankless, has equated the various initiatives to the equivalent of three separate “halvenings,” an event that takes place roughly every four years where the Bitcoin block subsidy is slashed by half. Halvenings are thought to contribute to Bitcoin's price appreciation.
However, Ethereum does have some competition in the form of other smart contract-enabled layer-one chains. The growing popularity of Ethereum is partly to blame for exorbitant transaction fees on the chain (though they have subsided somewhat in recent weeks), and in the absence of viable layer 2 scaling solutions like rollups means multiple competitor chains have seen a surge in activity.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||92.8%||8||$38 049.07||0.02%||1.93%||$744 145 379 651|
|2||ETH||Ethereum predictions||84.8%||28||$2 092.71||2.58%||1.36%||$251 622 486 305|
|3||USDT||Tether predictions||96%||1||$1.000142||0%||-0.01%||$89 364 450 067|
|4||BNB||Binance Coin predictions||84.8%||26||$229.06||0.07%||-2.46%||$34 747 597 030|
|5||XRP||XRP predictions||82%||34||$0.610783||0.30%||-1.73%||$32 914 217 020|
|6||SOL||Solana predictions||62.4%||81||$60.78||0.53%||6.04%||$25 777 804 384|
|7||USDC||USD Coin predictions||94%||1||$0.999928||0%||-0.01%||$24 545 113 731|
|8||ADA||Cardano predictions||75.6%||44||$0.379472||-0.47%||-4.04%||$13 398 412 920|
|9||DOGE||Dogecoin predictions||74.8%||45||$0.083974||3.08%||8.82%||$11 928 499 834|
|10||STETH||Lido stETH predictions||94%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|11||TRX||TRON predictions||83.6%||21||$0.103650||0.33%||1.48%||$9 176 911 207|
|12||WTRX||Wrapped TRON predictions||86.4%||24||$0.102253||-0.90%||0.14%||$9 053 243 756|
|13||TON||Toncoin predictions||81.2%||28||$2.42||-0.79%||-0.78%||$8 316 953 697|
|14||AVAX||Avalanche predictions||57.6%||90||$22.32||4.25%||7.56%||$8 148 348 255|
|15||LINK||Chainlink predictions||70.8%||55||$14.61||-0.07%||1.52%||$8 132 814 301|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2023 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.