Ethereum’s price soared “over $4,000”

Following Bitcoin, the price of Ethereum, a crypto asset that maintains the market capitalization, broke the highest price for three consecutive trading days and exceeded $4,000.

According to CoinMatrix, a company specializing in crypto asset analysis, Ethereum has seen a surge of more than 7% over the past 24 hours, reaching a record high of $4,196.63 at 2:15 on May 11. Ethereum price as of 2:30 on May 11th rose 8.1% over the last 24 hours to $4,200.86, while Bitcoin rose 1.1% to $57962.18 over the past 24 hours. In terms of market capitalization, Ethereum is $483.4 billion and Bitcoin is $1.9 trillion, so the Ethereum market cap is a quarter of the bitcoin.

Ethereum has long occupied the second place in crypto assets after Bitcoin for a long time, but its attention was not as high as that of Bitcoin. However, in April 2021, Bitcoin fell by more than 2%, while Ethereum rose by more than 40%.

According to reports, the Ethereum wave is coming because it is paying attention to one of the features of Ethereum, decentralized finance and Decentralized Finance (DeFi). In addition, it is analyzed that the high rate of Ethereum adoption in NFT, which is a factor that causes the price of digital works to soar, is one of the factors that led to this surge.

On the other hand, some experts say that the price of Ethereum is rising, but it is not used much, and that the current price is overvalued. With this price increase, the entire Ethereum network is congested, so Ethereum is planning an update to shorten transaction time and reduce required electricity bills. Related information can be found here.