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 | 87.2% | 23 | $64 837.84 | 1.21% | 2.14% | $1 276 667 564 847 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 72.4% | 51 | $3 174.86 | 1.45% | 3.51% | $387 485 564 544 | ||
3 | USDT | Tether predictions | 94% | 1 | $0.999855 | 0.06% | -0.07% | $110 447 532 693 | ||
4 | BNB | Binance Coin predictions | 85.2% | 20 | $616.92 | 1.30% | 12.17% | $91 050 425 745 | ||
5 | SOL | Solana predictions | 63.2% | 71 | $147.40 | -1.03% | 5.06% | $65 893 071 142 | ||
6 | USDC | USD Coin predictions | 90.8% | 2 | $1.000092 | 0% | 0% | $33 248 320 251 | ||
7 | XRP | XRP predictions | 68.8% | 62 | $0.530614 | -0.21% | 5.70% | $29 252 294 419 | ||
8 | DOGE | Dogecoin predictions | 68% | 60 | $0.153019 | 0.23% | 1.26% | $22 039 903 315 | ||
9 | TON | Toncoin predictions | 69.6% | 66 | $5.51 | -0.96% | -15.70% | $19 140 730 708 | ||
10 | ADA | Cardano predictions | 66% | 72 | $0.475569 | -0.48% | 4.39% | $16 946 387 500 | ||
11 | SHIB | SHIBA INU predictions | 61.2% | 82 | $0.000026 | 1.40% | 15.15% | $15 461 237 537 | ||
12 | AVAX | Avalanche predictions | 66% | 68 | $35.96 | -2.25% | 2.96% | $13 600 508 101 | ||
13 | TRX | TRON predictions | 86% | 21 | $0.117297 | 3.22% | 7.59% | $10 271 669 223 | ||
14 | STETH | Lido stETH predictions | 91.2% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
15 | WTRX | Wrapped TRON predictions | 85.2% | 19 | $0.116953 | 2.88% | 7.58% | $10 241 543 166 |
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