Ethereum has marked the history after it set new records by hitting $3,000 on Monday. Ether, the token negotiated on the Ethereum blockchain, went up 3% on the Bitstamp exchange to $3,144.81 in morning transactions in London. It soared 325% for the year up till now. It is easily overtaking a 95% increase in the more popular bitcoin.
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After seeing the strong performance of Ethereum, Investors are now wagering that ether will be of huge advantage and will be more beneficial in a decentralized future financial system. There are many reasons which caused the increase in the price of ether. The introduction of ether exchange-traded funds in Canada and the growing demand for ether wallets to administer non-fungible tokens such as digital art has also increased the price.
This record-breaking gain helped the ether to reach to late 2020 increase in Bitcoin. This also indicated the upgrades to the Ethereum blockchain and an increasing shift towards “DeFi”, or decentralized finance, which means to deals outside conventional banking for which the Ethereum blockchain is an important platform.
Furthermore, the increasing DeFi volumes continue to increase Ethereum prices as now investors have complete confidence in crypto. Now, investors are deeming Ethereum as a safe second-place asset. Bitcoin is the largest crypto asset around the globe. If we look at Bitcoin, it has more than $1 trillion in market capitalization, resumed the $50,000-mark earlier week, and remained around $58,000 on Monday. This represents an increase of nearly 3% but significantly below its record levels at $64,895.22.