Ethereum’s value has hit $3,000, and is currently trending downwards despite the volatility. This is a significant development in cryptocurrency and a clear indicator that ETH is still relevant and that it is still growing. Crypto-advocates are saying that this is a sign of Cryptocurrency going mainstream and that more and more companies are starting to see Ethereum as a service rather than a product.
The value of ether, the digital currency that powers the ethereum blockchain, has broken the $3,000 mark to become more valuable than the cash reserves of some of the world’s biggest banks. According to CoinMarketCap, at the time of writing, one ether was trading at $304.45, with a market capitalization of $30.4 billion. This means ether is worth more than the cash reserves held by China’s biggest bank, the Agricultural Bank of China, on $29 billion. And it is worth more than the $28.7 billion cash reserves of Brazil’s state-controlled oil giant Petrobras.
Ethereum, the world’s most widely used blockchain by number of daily transactions and the second-largest market capitalization, exceeded $3,000 in price in the early hours of Monday morning, according to data from multiple sources.
#ethereum has officially passed the $3,000 mark! !! Not on all exchanges, but it’s an important point.
– Lark Davis (@TheCryptoLark) 3. May 2021
Its own token, the ETH, powers the network and allows millions of other decentralized applications and protocols (dApps) to run on it. With the rise of decentralized finance (DeFi) – more than $70 billion is now tied up in such applications – and other breakthrough innovations in the past year, demand for ETH continues to grow.
As you can see in the image below, ETH broke through the $2,600 resistance zone last week and moved up with confidence. It has met some resistance at $2,950, but there was a lot of buying in the Asian hours today. Thus, the ETH continues to be in a strong uptrend, as evidenced by the exponential moving average, a popular tool used by traders to determine market trend based on past average prices.
ETH/USD via TradingView
This rally means that ETH is up over 300% year-to-date and over 1,300% over the past year (after the mid-March market crash, ETH was trading as low as $90).
Institution games and overtaking the BoA
Some asset managers say this move is overtaking the bitcoin price movement of the past year. Bitcoin really led the rally in the first place because, as with many institutional investors entering the space, it was their first natural target, said James Quinn, managing director of crypto fund Q9 Capital.
But as the rally has matured over the past six months, you have DeFi, and most of DeFi is built on Ethereum.
Several Ethereum-based exchange-traded funds (ETFs) and products (ETPs) have been launched in the past year, indicating a significant influx of institutional money into the asset alongside Bitcoin.
Meanwhile, some Twitter users noted that the total market value of Ethereum, a measure of its price and total supply (115 million at the time of publication), has now surpassed that of Bank of America, one of the world’s largest financial institutions.
#Ethereum has more market cap than Bank Of America historic moment in history pic.twitter.com/R29QJDBpWc
– BAE (@Dougy_buller) May 3, 2021
A defining day for many in the crypto-currency space.
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