SnapBots News Review — Ether (ETH) Surges to Over $ 3.2K
Ether made a significant milestone, setting a new record as it surpassed $3.2k. The increase in Ether’s value comes from the rise of Defi, where Ether dominates the smart-contracts blockchain platform.
Ether “is already years ahead of bitcoin in everything but price and fame,” according to deVere’s Green. “There’s a real sense that 2021 is the year for Ether. Its time has come.”
Ethereum is the 2nd most valuable cryptocurrency currently in the cryptocurrency market. Ether’s position has remained unchanged since its inception. A new record milestone was created this Monday this week to above $ 3,200 as further speculation about the value of the network could soar as more traders are interested in the potential of decentralized finance, known as DeFi, and other uses like non-fungible tokens or NFTs.
The increase was more than 10%, the biggest in the past two months, and peaked above 3,200 in just hours after the previous peak of $3000. Ether now has a market capitalization of $364 billion, exceeding that of Bank of America, the largest U.S. bank, and the entertainment giant Walt Disney and food conglomerate Nestle.
Ethereum founder Vitalik Buterin recently presented the network’s development roadmap after its merging to proof-of-stake, including a long-awaited feature known as sharding that could boost transaction throughput and speed. Sharding will expand Ethereum’s capacity to process transactions by splitting its database into 64 new mini-blockchains, addressing network congestion.
High fees on the Ethereum blockchain have been a nagging source of complaints among users, spurring the growing use of rival blockchains such as Binance Smart Chain, which is affiliated with Binance, the world’s largest cryptocurrency exchange by trading volume.
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