It was only 3 months ago the 2nd largest cryptocurrency by market cap was trading at just under $400. On Tuesday February 2nd Ethereum surged to over $1,500, breaking the previous all time high of $1,420 set in early January 2018.
It has been seven years since the creation of the open source decentralized blockchain network, which has revolutionized the world of tokenization, smart contracts, decentralized finance, and so much more. Perhaps the mix of institutional investors, DeFi yield farming, rampant NFT speculation, a mass exodus from centralized exchanges, and a finite supply of ETH are reason enough for the recent price boom. All surely contributing factors no doubt, but are they alone the catalyst?
The collective market cap of all ERC20 tokens on the Ethereum blockchain exceeded the native ETH market cap over 6 months ago.
Over $4 billion in ETH has been sent to the version 2.0 - Proof of Stake contract.
Over $30 billion of total value is now locked in DeFi.
Ethereum has clearly become much more than just another alt coin... Enter the Internet of Value.
The “Internet of Value”, which is being built on the Ethereum blockchain is effectively becoming a full-featured decentralized version of our familiar centralized financial world and its traditional instruments. This is a massive fundamental shift. Allowing individuals the world-over to participate in a fully digitized economy spanning the entire globe. Empowering countless internet users to participate in worldwide commerce who otherwise might have been limited, or completely denied access to essential personal banking in their region.
Now that Ethereum has entered price discovery mode some analysts suspect its value might continue to rise rapidly. With targets approaching $3,000, double its current price within the next two to three weeks! Well, why not? BTC managed this shortly after achieving new all time highs.