The price of Ethereum on the Binance crypto exchange for the first time exceeded $ 3.5 thousand. After the price of the coin rose to record values, the capitalization of the altcoin rose to $ 406 billion. In just a day, the digital coin went up by 12%.
Against the background of the record growth of Ethereum, its share on the crypto market increased to 17%. The share of the main cryptocurrency for the first time in the last three years dropped to 43.9%. Ethereum’s current growth phase began on April 25th. Since then, the digital coin has risen in price by 60%.
After the price of Ethereum exceeded $ 3,000, the creator of the digital coin, Vitalik Buterin, became a billionaire. At the current altcoin rate, Buterin’s fortune is estimated at $ 1.26 billion.
The growth of the coin is associated with the fact that an important update of Berlin took place on the Ethereum network in April, which lowered transaction fees. In July, altcoin developers plan to release another update – London, which will completely change the mechanism for calculating fees. Part of the commissions that miners are currently receiving as a reward will be burned. It looks like new growth is just around the corner.
Analysts at the Kraken cryptocurrency exchange are already predicting that Ethereum could rise in price to about $ 5,200.
Fundstrat analysts predicted a further rise in the Ethereum rate and even up to levels above $ 10,000 in 2021.
Analysts believe that investor attention is shifting from Bitcoin to the second largest cryptocurrency and other segments such as DeFi and Web 3.0. This is facilitated by the development of new applications in the ecosystem.
While Bitcoin still cannot re-approach the $ 60,000 mark, Ethereum and Dogecoin are actively growing
In just one day, Dogecoin gained 55%. Growth for the week is no less impressive: 135%. And over the year, Dogecoin has added 11,000% at all!
In terms of capitalization (just over 87 billion), Dogecoin is already the 4th in the list of the largest cryptocurrencies in the world, and if the growth continues, then Binance Coin, which is now the third in terms of capitalization after Bitcoin and Ethereum, will soon fly out of the Top 3.
What is the reason for such a rapid growth in Dogecoin in recent days?
This happened after the appearance of the asset on the Gemini cryptocurrency exchange. Users of the marketplace founded by the Winklevoss brothers can trade and store Dogecoin. It was announced that trading in USD, GBP, EUR, CAD, AUD, HKD and SGD will be open soon. Later, access to DOGE will be opened in mobile and web applications.
On May 3, the eToro trading platform also announced plans to start trading Dogecoin. The decision was made due to the high customer demand for the digital coin. And on May 4, the Bitfinex crypto exchange launched altcoin margin trading. In addition, last week, the head of Tesla and SpaceX Elon Musk once again mentioned the cryptocurrency in his Twitter account. Mentions of cryptocurrency and other assets on Musk’s Twitter have repeatedly caused their value to rise.