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Ethereum breaks the $4K mark for the first time

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For the first time, Ethereum (ETH), the second-largest cryptocurrency, broke the $4,000 mark to register a new all-time high once again at $4,142.

In terms of market capitalization, ETH’s surge last week made it move past the Bank of America. Today, according to AssetDash data, Ethereum is considered the 15th biggest asset in the world, having a market capitalization of more than $477 billion.

It has now overtaken consumer giants in Johnson & Johnson and Walmart and its valuation is now ranked just behind JPMorgan.

According to Coinmarketcap, Ethereum increased by 33.40% in the past seven days.

Winning moves for Ethereum

On Friday, a proposal for Ethereum (ETH) exchange-traded fund (ETF) was submitted by asset management company VanEck to the U.S. Securities and Exchange Commission (SEC). This stimulated a price surge for the cryptocurrency.

Last April 17, three Ethereum ETFs were approved by the Ontario Securities Commission where CI Global Asset Management, Purpose Investments Inc., and Evolve Fund Group Inc. were given the green light to roll out three separate ETFs.

Ethereum bulls are also inspired by the increase in institutional interest for ETH. A report from Coinshares disclosed that positive sentiments about Ethereum have resulted in an inflow of $30 million, upping total investment products under management to almost $14 billion.

ETH: Loaded with promise

According to BlockchainNews, market analyst Lark Davis believes that “Ethereum (ETH) has great potential and will consolidate its position as deflationary currency by the end of the year.”

Davis is also confident that the digital currency’s value will continue to rise over time.

For the past 10 days, the price of the cryptocurrency has skyrocketed, and the bulls are currently dominating the market. Moreover, there is great anticipation for the ETH network’s major infrastructure upgrades, namely EIP-1559 and ETH 2.0.

 

Image courtesy of Cointelegraph News/YouTube

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinerx.com/blockchain/ethereum-breaks-the-4k-mark-for-the-first-time/

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